Commodity Technical Outlook On GOLD
GOLD: Faces Recovery Risk
GOLD: With GOLD triggering a recovery higher the past week, further bullishness is expected in the new week. However, its Thursday and Friday trading activities may suggest a halt in that recovery. On the upside, resistance lies at the 1,250.00 level where a break will target the 1,280.00 level followed by the 1,300.00 level. A cut through here will extend gains towards the 1,330.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support stands at the 1,200.00 level. Below here could trigger further downside towards the 1,170.00 level where a break will aim at the 1,150.00 level. A break will target the 1,100.00 level. All in all, GOLD remains biased to the downside in the medium term though facing recovery threats.
FXTechstrategy Team