GOLD: With the commodity taking back more than half of its losses to close slightly higher the past week, GOLD faces recovery risk with eyes on 1088 zone in the new week (see daily chart). This view remains valid as long as it holds and trades above its key support zone at 1046/52 zone. On the downside, support comes in at the 1064.00 level where a break will turn attention to the 1050.00 level. Further down, a cut through here will open the door for a move lower towards the 1040.00 level. Below here if seen could trigger further downside pressure targeting the 1030.00 level. Conversely, resistance resides at the 1085.00 level where a break will aim at the 1095.00 level. A turn above there will expose the 1105.00 level. Further out, resistance stands at the 11150.00 level. All in all, GOLD faces recovery risk with eyes on 1088 zone while trading above the 1046.30 level.
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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