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Rejection Candle Sets Up GOLD For Further Price Extension

GOLD: With the commodity closing on a rejection candle on Thursday, it now looks to strengthen further. This if seen will keep the commodity’s short term trend higher. On the downside, support comes in at the 1080.00 level where a break will turn attention to the 1069.00 level. Further down, a cut through here will open the door for a move lower towards the 1055.00 level. Below here if seen could trigger further downside pressure targeting the 1045.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1100.00 level where a break will aim at the 1115.00 level. A turn above there will expose the 1130.00 level. A violation of here will turn attention to the 1145.00 level. All in all, GOLD remains biased to the upside on corrective recovery

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