GOLD: Bearish, Aims At The 1,321.00 Level

GOLD: Having sold off on Tuesday to extend it downside pressure, the risk is for more downside to occur. Despite its Wednesday price hesitation, its broader bias points to the 1,321/38 levels. A turn below here will pave the way for a run at the 1,300.00 level where a breach will set the stage for a run at the 1,270.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance comes in at the 1,400.00 level, its psycho level. Above here will aim at the 1,444.00 level followed by the 1,488.00 level. Further out, resistance is seen at the 1,500.40 level. All in all, GOLD remains vulnerable to the downside in the medium term.

USDCHF: Eyes A Return To The 0.9130 Level

USDCHF – The pair’s outlook remains lower with the possibility of returning to the 0.9130 level on the cards. As long as it holds below its support turned resistance at the 0.9205 level, USDCHF looks to weaken further. This will leave the pair targeting the 0.9064 level where a violation will aim at the 0.0921/00 levels. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9205 level, its April 17’2013 low and then the 0.9392 level. A breach will target the 0.9450 level and then the 0.9566 level. Above here will aim at the 0.9838 level, its psycho level. On the whole, the pair continues to face downside pressure.