GOLD: Closes Lower On Rejection Candle
GOLD: With GOLD closing lower the past week, it looks to extend that weakness in the days ahead. On the upside, resistance lies at the 1,257.77 level where a break will target the 1,280.00 level followed by the 1,300.00 level. A cut through here will extend gains towards the 1,330.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support stands at the 1,220.00 level. Below here if seen could trigger further downside towards the 1,200.00 level where a break will aim at the 1,170.00 level. All in all, GOLD remains biased to the downside in the medium term but faces recovery threats.
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Source: http://blog.fxtechstrategy.com/gold-closes-lower-on-rejection-candle/
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