Gold: Eyes Additional Price Weakness Towards 1,200.00 Area

Mohammed Isah FXTechstrategy

GOLD eyes additional price weakness towards 1,200.00 area in the new week. This is coming on the back of its past week losses. On the downside, support comes in at the 1,200.00 level where a break will turn attention to the 1,190.00 level. Further down, a cut through here will open the door for a move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure targeting the 1,170.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,220.00 level where a break will aim at the 1,230.00 level. A turn above there will expose the 1,240.00 level. Further out, resistance stands at the 1,250.00 level. All in all, GOLD looks to weaken further lower short term.

Interested in Gold technicals? Check out the key levels

1. R3 1209.3
2. R2 1209.3
3. R1 1209.3
PP 1209.3
1. S1 1209.3
2. S2 1209.3
3. S3 1209.3

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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