GOLD: Looks To Strengthen Further Towards 1,1218.00 Zone

23 January 2017, 01:00

GOLD: The commodity closed higher the past week leaving risk of price extension on the cards. On the downside, support comes in at the 1,200.00 level where a break will turn attention to  the 1,190.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,180.00 level. Below here if seen could  trigger further downside pressure targeting the  1,170.00 level. Conversely, resistance resides at the 1,220.00 level where a break will aim at the  1,230.00 level. A turn above there will expose the  1,240.00 level. Further out, resistance stands at  the 1,250.00 level. All in all, GOLD looks to weaken further.


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