Gold Remains Vulnerable On Pullback
FXTechstrategy Team | Apr 26, 2016 08:45AM ET
Gold: The commodity continues to face downside pressure on correction. It was seen reversing its Monday gain at the time of this analysis. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here, if seen, could trigger further downside pressure targeting the 1,190.00 level. The weekly RSI is bearish and pointing lower, supporting this view. Conversely, resistance resides at the 1,240.00 level, where a break will aim at the 1,250.00 level. A turn above there will expose the 1,260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, gold looks to weaken further.
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