Gold: Bearish, Risk Turns Lower On Correction gold

Mohammed Isah FXTechstrategy

GOLD: The commodity weakened after failing to strengthen further on Wednesday. On the downside, support comes in at the 1,270.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,290.00 level where a break will aim at the 1,300.00 level. A turn above there will expose the 1,310.00 level. Further out, resistance stands at the 1,320.00 level. All in all, GOLD looks to weaken further.

Interested in Gold technicals? Check out the key levels

1. R3 1306.67
2. R2 1298.69
3. R1 1289.15
PP 1281.17
1. S1 1271.63
2. S2 1263.65
3. S3 1254.11

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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