GOLD: The commodity may have closed lower the past week, but faces a recovery risk in the new week. While it holds above the 1069.46 level, a recovery higher is expected. On the downside, support comes in at the 1075.00 level where a break will turn attention to the 1060.00 level.
Further down, a cut through here will open the door for a move lower towards the 1050.00 level.
Below here if seen could trigger further downside pressure targeting the 1045.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1100.00 level where a break will aim at the 1115.00 level. A turn above there will expose the 1130.00 level. A violation of here will turn attention to the 1145.00 level. All in all, GOLD looks to push higher on corrective recovery following its rejection candle formation (see daily chart) ahead of its key support at the 1069.46 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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