GOLD: Key Resistance At 1147.87 Looks To Cap Strength
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GOLD: The commodity triggered a recovery the past week to close higher suggesting further upside. However, we may see a move lower while the 1147.87 level continues to hold as resistance. On the downside, support comes in at the 1127.00 level where a break will aim at the 1115.00 level. A cut through here will open the door for move lower towards the 1100.00 level. Below here if seen could trigger further downside pressure towards the 1090.46 level. Conversely, resistance resides at the 1150.00 level where a break will aim at the 1165.000 followed by the 1175.00 level. A violation of here will turn attention to the 1185.00 level. All in all, GOLD remains biased to the upside in the medium term.