GOLD: Sees Corrective Recovery Higher But With Caution

9 January 2017, 03:12
FXTechstrategy
0
9

GOLD: The commodity closed higher the past but could face correction in the new week. On the downside, support comes in at the 1,160.00 level where a break will turn attention to  the 1,150.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,140.00 level. Below here if seen could  trigger further downside pressure targeting the  1,130.00 level. Conversely, resistance resides at the 1,180.00 level where a break will aim at the  1,190.00 level. A turn above there will expose the  1,200.00 level. Further out, resistance stands at  the 1,250.00 level. All in all, GOLD looks to weaken further on trend resumption.

 

Share it with friends: