Gold Vulnerable To The Downside On Bear Pressure
FXTechstrategy Team | Oct 26, 2016 10:30PM ET
Gold: Having rejected upside pressure to close lower on Wednesday, further weakness is envisaged. On the downside, support comes in at the 1,260.00 level, where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level.
Below here, if seen, could trigger further downside pressure targeting the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,270.00 level where a break will aim at the 1,280.00 level. A turn above there will expose the 1,290.00 level. Further out, resistance stands at the 1,300.00 level. All in all, gold looks to recover higher on correction.
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