GOLD: Targets Further Upside Pressure On Price Extension

16 January 2017, 14:39
FXTechstrategy
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GOLD: The commodity remains biased to the upside following its price extension the past week. This development leaves more strength to the upside in the new week. On the downside, support comes in at the 1,190.00 level where a break will turn attention to  the 1,180.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,170.00 level. Below here if seen could  trigger further downside pressure targeting the  1,160.00 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 recover further higher.

 

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