GOLD: While the commodity may have closed higher the past week, a recovery higher could occur in the new week (see daily chart). As long as it trades and holds above the 1,162.63 & 1,156.98 levels, immediate risk remains higher. Support comes in at the 1,160.00 level where a break will aim at the 1,150.00 level. A cut through here will open the door for move lower towards the 1,140.00 level. Below here if seen could trigger further downside pressure towards the 1,120.00 level. Conversely, resistance resides at the 1,175.00 level where a break will aim at the 1,185.00 followed by the 1,200.00 level. A violation of here will turn attention to the 1,224.00 level followed by the 1,250.00 level. All in all, GOLD continues to face corrective pullback threats.
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