GOLD: Halts Weakness But Still Vulnerable Medium Term
That sure looks like a double bottom now
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GOLD: The commodity turned off its intra-day low at 1,338 level to close higher on Monday but continues to maintain its broader downside bias. This suggests on ending the mentioned recovery it should retarget the 1,338/21 levels. Below here if seen will aim at the 1,300.00 level and possibly lower. On the upside, GOLD will have to return above the 1,488.00 level to end its broader downside and then resume its recovery. Further out, resistance is seen at the 1,590.40 level followed by the 1,619 level. Its daily RSI is bullish and pointing higher supporting this view. All in all, GOLD remains vulnerable to the downside in the medium term.