GOLD Reverses Gain, Targets Further Weakness

GOLD: The commodity closed lower after reversing its Monday gains on Tuesday. This saw it following through lower during early trading on Wednesday. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through here will open the door for a move lower towards the 1,260.00 level. Below here if seen could trigger further downside pressure targeting the 1,250.00 level. Conversely, resistance resides at the 1,300.00 level where a break will aim at the 1,310.00 level. A turn above there will expose the 1,320.00 level. Further out, resistance stands at the 1,330.00 level. All in all, GOLD looks to weaken further on bear pressure.