GOLD: The commodity triggered a corrective weakness the past week leaving risk lower. But it could move a little bit higher in the new week following its Friday close(see daily chart). On the downside, support comes in at the 1,330.00 level where a break will turn attention to the 1,310.00 level. Further down, a cut through here will open the door for a move lower towards the 1,300.00 level. Below here if seen could trigger further downside pressure targeting the 1,1290.00 level. Conversely, resistance resides at the 1,350.00 level where a break will aim at the 1,360.00 level. A turn above there will expose the 1,370.00 level. Further out, resistance stands at the 1,380.00 level. All in all, GOLD looks to weaken further on correction
GOLD Triggers Corrective Pullback
by Mohammed Isah | July 17th, 2016
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