GOLD: Rejects Higher Prices, Vulnerable

10 April 2017, 02:36
GOLD: The commodity faces downside pressure after rejecting higher prices the past week.  as it retains its medium term uptrend. On the downside, support comes in at the 1,250.00 level where a break will turn attention to the 1,240.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,230.00 level. Below here if seen could  trigger further downside pressure targeting the  1,220.00 level. Conversely, resistance resides at the 1,260.00 level where a break will aim at the  1,270.00 level. A turn above there will expose the  1,280.00 level. Further out, resistance stands at  the 1,290.00 level. All in all, GOLD looks to strengthen further but with caution.

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