GOLD: Although GOLD remains biased to the downside short term, it will have to break and hold below the 1178.39/the 1,174.85 zone to convince the market of further weakness. As long as the mentioned supports hold, we think the commodity should recover higher. Support comes in at the 1,170.00 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 and then the 1,100.00 level. Its weekly RSI is bearish supporting this view. Conversely, resistance resides at the 1,190.00 level where a break will aim at the 1,200.00 followed by the 1,215.00 level. A violation of here will turn attention to the 1,224.08 level followed by the 1,140.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery threats.
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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