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GOLD: Faces Further Recovery Threat

Sunday, November 16, 2014 16:46

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GOLD: With GOLD closing higher marginally for a second week in a row the past week, it now faces further recovery risk in the days ahead. On the downside, support stands at the 1,150.00 level where a break will aim at the 1,131.57 level. Below here if seen could trigger further downside towards the 1,100.00 level where a break will aim at the 1,080.00 level. On the upside, resistance lies at the 1,200.00 level where a break will target the 1,230.00 level followed by the 1,255.00 level. A cut through here will extend gains towards the 1,280.00 level. All in all, GOLD remains biased to the downside in the medium term.

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Source: http://blog.fxtechstrategy.com/gold-faces-further-recovery-threat/

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