GOLD: Rejects Higher Prices, Retains Broader Downside Bias

28 December 2016, 02:40

GOLD: The commodity continues to hold on to its broader downside pressure following a loss of up momentum on Tuesday. On the downside, support comes in at the 1,130.00 level where a break will turn attention to  the 1,120.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,110.00 level. Below here if seen could  trigger further downside pressure targeting the  1,100.00 level. Conversely, resistance resides at the 1,150.00 level where a break will aim at the  1,160.00 level. A turn above there will expose the  1,170.00 level. Further out, resistance stands at  the 1,180.00 level. All in all, GOLD looks to weaken further on trend resumption.


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