GOLD: With the commodity continuing to hold on to its downside pressure, further downside pressure is likely. On the downside, support comes in at the 1155.00 level where a break will aim at the 1140.00 level. A cut through here will open the door for move lower towards the 1130.00 level. Below here if seen could trigger further downside pressure towards the 1115.00 level.
Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1190.00 level where a break will aim at the 1200.00 level. A turn above there will expose the 1215.00 level. A violation of here will turn attention to the 1230.00 level. All in all, GOLD remains biased to the downside on pullbacks.
Leave A Comment