Gold: Corrective Risk Developing
FXTechstrategy Team | Aug 02, 2015 07:50PM ET
GOLD: Corrective Risk Developing
GOLD: With a marginal lower close seen following its price rejection, a move higher could be developing. Support comes in at the 1,080.00 level, where a break will aim at the 1,069.00 level. A cut through here will open the door for move lower towards the 1,040.00 level. Below here if seen could trigger further downside pressure towards the 1,000.00 level. On the upside, resistance resides at the 1,210.08 level, where a break will aim at the 1,225.000 followed by the 1,250.00 level. A violation of here will turn attention to the 1,270.00 level followed by the 1,180.00 level. All in all, GOLD remains biased to the downside medium term, but faces corrective recovery threats.
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