GOLD: Remains Bullish In The Short Term

2 February 2017, 13:39

GOLD: The commodity rallied on Thursday following its recent bullish short term uptrend. On the downside, support comes in at the 1,210.00 level where a break will turn attention to  the 1,200.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,190.00 level. Below here if seen could  trigger further downside pressure targeting the  1,180.00 level. Conversely, resistance resides at the 1,230.00 level where a break will aim at the  1,240.00 level. A turn above there will expose the  1,250.00 level. Further out, resistance stands at  the 1,260.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GOLD looks to strengthen further in the days ahead.


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