Gold Declines On Price Failure
FXTechstrategy Team | Aug 30, 2015 03:28PM ET
GOLD: Gold took back almost all of its previous week losses the past week to close lower on Friday. This development leaves risk lower with more weakness envisaged. However, a recovery in the new week may occur. On the downside, support comes in at the 1,115.00 level, where a break will aim at the 1,100.00 level. A cut through here will open the door for a move lower towards the 1,080.00 level. Below here, if seen, could trigger further downside pressure towards the 1,060.00 level. On the upside, resistance resides at the 1,150.00 level, where a break will aim at the 1,170.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. All in all, gold remains biased to the downside short term.
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