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GOLD: Key Support Eyed On Bear Pressure

GOLD: The commodity continues to maintain its downside pressure as it weakened further the past week. However, a rejection candle print on Friday seen on the daily chart may present a platform to launch a recovery. On the downside, support comes in at the 1,098.00 level where a break will aim at the 1,090.00 level. A cut through here will open the door for move lower towards the 1,080.00 level. Below here if seen could trigger further downside pressure towards the 1,069.46 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,120.00 level where a break will aim at the 1,135.000 followed by the 1,150.00 level. A violation of here will turn attention to the 1,170.00 level. All in all, GOLD remains biased to the downside in the medium term.

XAUUSDWeekly

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