GOLD: Sees Corrective Recovery Higher But With Caution

Discussion in 'Stock picks and trading strategies' started by FXTechstrategy, Jan 8, 2017.

  1. GOLD: The commodity closed higher the past but could face correction in the new week. On the downside, support comes in at the 1,160.00 level where a break will turn attention to the 1,150.00 level. Further down, a cut through here will open the door for a move lower towards the 1,140.00 level. Below here if seen could trigger further downside pressure targeting the 1,130.00 level. Conversely, resistance resides at the 1,180.00 level where a break will aim at the 1,190.00 level. A turn above there will expose the 1,200.00 level. Further out, resistance stands at the 1,250.00 level. All in all, GOLD looks to weaken further on trend resumption.

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