Analysis | Commodity Technical Analysis |
Written by FXTechStrategy |
Wed Nov 23 16 22:08 ET
GOLD - Having the commodity sold off strongly on Wednesday, further weakness is likely. On the downside, support comes in at the 1,180.00 level where a break will turn attention to the 1,170.00 level. Further down, a cut through here will open the door for a move lower towards the 1,160.00 level. Below here if seen could trigger further downside pressure targeting the 1,150.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,200.00 level where a break will aim at the 1,210.00 level. A turn above there will expose the 1,220.00 level. Further out, resistance stands at the 1,230.00 level. All in all, GOLD looks to weaken further on trend resumption.
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