GOLD: Risk Points Higher, Retains Bullish Offensive

6 July 2016, 02:47
FXTechstrategy
0
18
GOLD:  The commodity continues to target more recovery leaving risk towards the 1,365.00 zone. On the downside, support comes in at the 1,350.00 level where a break will turn attention to the 1,240.00 level. Further down, a cut through here will open the door for a move lower towards the 1,330.00 level. Below here if seen could trigger further downside pressure targeting the 1,320.00 level. Conversely, resistance resides at the 1,370.00 level where a break will aim at the 1,380.00 level. A turn above there will expose the 1,390.00 level. Further out, resistance stands at the 1,400.00 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, GOLD looks to strengthen further.

 


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