GOLD Vulnerable To The Downside On Bear Pressure

27 October 2016, 04:31
FXTechstrategy
0
21

GOLD: Having rejected upside pressure to close lower on Wednesday, further weakness is envisaged. On the downside, support comes in at the 1,260.00 level where a break will turn attention to  the 1,250.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,240.00 level. Below here if seen could  trigger further downside pressure targeting the  1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,270.00 level where a break will aim at the  1,280.00 level. A turn above there will expose the  1,290.00 level. Further out, resistance stands at  the 1,300.00 level. All in all, GOLD looks to recover higher on correction.

 


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