Analysis | Commodity Technical Analysis |
Written by FXTechStrategy |
Tue Jan 10 17 22:06 ET
GOLD - The commodity took back its Friday losses to close higher on Monday. Tough seen hesitating, it still faces upside risk. On the downside, support comes in at the 1,170.00 level where a break will turn attention to the 1,160.00 level. Further down, a cut through here will open the door for a move lower towards the 1,150.00 level. Below here if seen could trigger further downside pressure targeting the 1,140.00 level. Conversely, resistance resides at the 1,190.00 level where a break will aim at the 1,200.00 level. A turn above there will expose the 1,210.00 level. Further out, resistance stands at the 1,220.00 level. All in all, GOLD looks to recover further higher.
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