GOLD Remains Weak And Declining On Bear Pressure

11 December 2015, 05:07
FXTechstrategy Team
0
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GOLD: With the commodity continuing to hold on to its downside bias, GOLD remains weak and declining on bear pressure with eyes the 1058.00 zone. 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. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1080.00 level where a break will aim at the 1095.00 level. A turn above there will expose the 1105.00 level. Further out, resistance stands at the 11150.00 level. All in all, GOLD remains weak and declining on bear pressure with eyes the 1058.00 zone

 

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