Gold: The commodity is threatening further strength after closing higher on Wednesday following a loss of downside momentum. However, we think as long as it trades below the 1147/42 zone, risk remains lower in the medium term. Above the mentioned zone will invalidate our downside view. On the downside, support comes in at the 1115.00 level where a break will aim at the 1110.00 level. A cut through here will open the door for move lower towards the 1100.00 level. Below here if seen could trigger further downside pressure towards the 1090.46 level. Conversely, resistance resides at the 1150.00 level where a break will aim at the 1165.000 followed by the 1175.00 level. A violation of here will turn attention to the 1185.00 level. All in all, GOLD remains biased to the downside in the short term
Leave A Comment