GOLD: With GOLD taking back larger part of its past week losses to close marginally lower, further recovery could follow. While it holds above the 1098.00 level, its key support, our bias remains in the short term. On the downside, support comes in at the 1100.00 level where a break will aim at the 1090.00 level. A cut through here will open the door for move lower towards the 1080.00 level. Below here if seen could trigger further downside pressure towards the 1070.00 level. Its daily RSI is bearish and pointing lower suggesting further strength. Conversely, resistance resides at the 1150.00 level where a break will aim at the 1165.000 followed by the 1175.00 level. A violation of here will turn attention to the 1200.00 level. All in all, GOLD remains biased to the downside in the medium term but faces recovery threats nearer term.
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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