GOLD: Having remained weak and vulnerable, GOLD eyes more bear pressure. It looks to move lower towards its key support located at the 1064.23 level. Price hesitation or a recovery may occur ahead or at that level if it remains unbroken. On the upside, resistance resides at the 1081.00 level where a break will aim at the 1090.00 level. A turn above there will expose the 1100.00 level. Further out, resistance stands at the 1110.00 level. On the downside, support comes in at the 1060.00 level where a break will turn attention to the 1050.00 level. Further down, a cut through here will open the door for a move lower towards the 1040.00 level. Below here if seen could trigger further downside pressure targeting the 1030.00 level. Its daily RSI is bearish and pointing lower suggesting further downside pressure. All in all, GOLD eyes more bear pressure but with caution ahead of its key support.
Get More Power Over Your Trading With Less Hassle
FXTechstrategy delivers powerful buy/sell trade ideas with stop losses, price targets and super-easy analysis to help you improve your results
GET MORE POWER OVER YOUR TRADING WITH LESS HASSLE
The Award-Winning Analysis Solution for Forex & Commoditidy Traders
Your trading, made easier
Get 15+ super-easy trade ideas with powerful daily analysis and easy-to-understand strategy eBook
Stay on top of every move with price action to help you make easier, faster, and more accurate trading decisions.
Whether your strategy is for day trading or swing trading FXTechstrategy analysis fits in seamlessly with no hassles.