GOLD: With GOLD halting its weakness and triggering a recovery the past week, further strength is expected. On the downside, support comes in at the 1,175.25 level where a break will aim at the 1,160.00 level.
Below here if seen could trigger further downside towards the 1,140.00 level where a break will aim at the 1,120.00 level. Conversely, on the upside, resistance resides at the 1,190.00 level where a break will aim at the 1,200.00 level, its key psycho level.
A violation of here will turn attention to the 1,214.75 level followed by the 1,150.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery risk
In our latest podcast we discuss The Fed and the road ahead – all you need to know
Subscribe to Market Movers on iTunes