GOLD: Weakens On Sell-Off, Resumes Trend

23 November 2016, 20:18
FXTechstrategy
0
14

GOLD: Having the commodity sold off strongly on Wednesday, further weakness is likely. On the downside, support comes in at the 1,180.00 level where a break will turn attention to  the 1,170.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,160.00 level. Below here if seen could  trigger further downside pressure targeting the  1,150.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,200.00 level where a break will aim at the  1,210.00 level. A turn above there will expose the  1,220.00 level. Further out, resistance stands at  the 1,230.00 level. All in all, GOLD looks to weaken further on trend resumption.

 

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