Spot Gold, on recovery, struggling at $1,125/26 resistance area

Wed, Mar 10 2010, 09:04 GMT
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FXstreet.com (Barcelona) - Spot Gold's decline from $1,140 high on Friday found support at $1,108 low on Tuesday, and the XAU/USD bounced up on US and Asian sessions to reach resistance area at $1,125/26 at European session opening.

On the upside, above $1,125, (Mar 9 high), next resistance levels lie at $1,131/32 (Feb 22 high/Mar 3 low) and $1,140/42 (Mar 4/5 high). On the downside, Support levels might be at $ 1,120 (session low) and below here, $1,110 and $1,000.

Upside bias is limited while below $1,132.5-/$1,138.5 , according to Rajoo C, technical analyst at Precise Trader: "The Daily Trend plunged but the Bears gave up most of the gains towards the close. The Hourly Trend has been in a Range Trading with the limited Upside Bias ,11325- 11385 are the critical levels to watch to maintain the Bearish outlook."

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