Analysis | Commodity Technical Analysis |
Written by FXTechStrategy |
Mon Dec 12 16 22:29 ET
GOLD - The commodity turned back higher after rejecting lower level prices on Monday. On the downside, support comes in at the 1,150.00 level where a break will turn attention to the 1,140.00 level. Further down, a cut through here will open the door for a move lower towards the 1,130.00 level. Below here if seen could trigger further downside pressure targeting the 1,120.00 level. Conversely, resistance resides at the 1,170.00 level where a break will aim at the 1,180.00 level. A turn above there will expose the 1,190.00 level. Further out, resistance stands at the 1,200.00 level. All in all, GOLD looks to weaken further on trend resumption.
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