GOLD: Follows Through Higher On Recovery Higher

28 November 2016, 18:44
FXTechstrategy
0
8

GOLD: The commodity strengthened on the back of its Friday rejection candle on Monday. This has left it targeting further upside pressure in the days ahead. 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. 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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