GOLD: With GOLD followed through lower on the back of its on Friday, further weakness is envisaged. On the downside, support comes in at the 1,170.00 level where a break will aim at the 1,150.00 level. Below here if seen could trigger further downside towards the 1,130.00 level where a break will aim at the 1,100.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,200.00 level where a break will aim at the 1,219.51 level. A violation of here will turn attention to the 1,240.00 level followed by the 1,150.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery risk.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
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