Gold to remain under pressure despite Monday gains - iiTrader
Despite a jump gold and silver saw on Monday, analysts at iiTrader consider
the path of least resistance remains lower.
"The major three star level
that traders need to watch is 1118.3, the market will remain in an
immediate term downtrend until it closes above here," they said earlier Monday.
"Our long term downside target of 1033.9-1045.2 remains intact and in
reach and a close below support at 1072.3-1073.7 should signal a move to
this level."
They also note that the silver market remains bearish but corrective rallies could take place early in the week. They noted that in order for the bears to keep control, rallies need to remain limited below 15.00.
"Last week’s lows at 14.14** show up as first support and ultimately a retest of the old August lows at 13.95** is what the bears are looking for."
December Comex gold last traded at $1,084.80 an ounce, up 0.35%, while December Comex silver dipped 0.06% to trade at $14.195 an ounce.
