Analysis | Commodity Technical Analysis |
Written by FXTechStrategy |
Sun Dec 18 16 21:58 ET
GOLD - The commodity continues to hold on to its downside pressure as it looks to weaken further in the new week. On the downside, support comes in at the 1,120.00 level where a break will turn attention to the 1,110.00 level. Further down, a cut through here will open the door for a move lower towards the 1,100.00 level. Below here if seen could trigger further downside pressure targeting the 1,090.00 level. Conversely, resistance resides at the 1,140.00 level where a break will aim at the 1,150.00 level. A turn above there will expose the 1,160.00 level. Further out, resistance stands at the 1,170.00 level. All in all, GOLD looks to weaken further on trend resumption.
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