GOLD Continues To Maintain Bear Pressure With Eyes On 1046.00 Zone

GOLD: With the commodity reversing its previous losses to close lower the past week, GOLD continues to maintain bear pressure with eyes on 1046.00 zone. While it trades and holds below the 1085/88 zone, our immediate bias remains lower. On the downside, support comes in at the 1050.00 level where a break will turn attention to the 1040.00 level. Further down, a cut through here will open the door for a move lower towards the 1030.00 level. Below here if seen could trigger further downside pressure targeting the 1020.00 level. Conversely, resistance resides at the 1070.00 level where a break will aim at the 1080.00 level. A turn above there will expose the 1090.00 level. Further out, resistance stands at the 1100.00 level. All in all, GOLD continues to maintain bear pressure with eyes on 1046.00 zone.