Gold Eyes More Bear Pressure, Targets 1064.23
FXTechstrategy Team | Nov 27, 2015 12:31AM ET
GOLD: Having remained weak and vulnerable, gold eyes more bear pressure. It looks to move lower towards its key support located at the 1064.23 level. Price hesitation or a recovery may occur ahead or at that level if it remains unbroken. On the upside, resistance resides at the 1081.00 level, where a break will aim at the 1090.00 level. A turn above there will expose the 1100.00 level. Further out, resistance stands at the 1110.00 level. On the downside, support comes in at the 1060.00 level, where a break will turn attention to the 1050.00 level. Further down, a cut through here will open the door for a move lower towards the 1040.00 level. Below here, if seen, could trigger further downside pressure targeting the 1030.00 level. Its daily RSI is bearish and pointing lower, suggesting further downside pressure. All in all, gold eyes more bear pressure but with caution ahead of its key support.
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