OwensAssetFund

Analysis on GOLD

COMEX:GC1!   GOLD FUTURES
47 1 3
GOLD: The commodity looks to extend its weakness following its past week losses. On the downside, support comes in at the 1,310.00 level where a break will turn attention to the 1,300.00 level. Further down, a cut through here will open the door for a move lower towards the 1,290.00 level. Below here if seen could trigger further downside pressure targeting the 1,280.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,330.00 level where a break will aim at the 1,340.00 level. A turn above there will expose the 1,350.00 level. Further out, resistance stands at the 1,360.00 level. All in all, GOLD             looks to weaken further on correction.
a break below 1300 will change a lot of peoples perception from bullish to bearish
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