Commodity Technical Outlook On GOLD
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GOLD: Threatens Recovery
GOLD: With GOLD halting its weakness the past week to close slightly higher on a rejection candle, it faces recovery higher. On the downside, support stands 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. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1,160.00 level where a break will target the 1,180.00 level followed by the 1,200.00 level. A cut through here will extend gains towards the 1,230.00 level. All in all, GOLD remains biased to the downside in the medium term.