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GOLD Puts In Temporary Bottom, Eyes More Recovery

Oct 4 2017, 09:55 PM (+06) | FXTechstrategy

GOLD: The commodity put in a temporary bottom and triggered a corrective recovery on Wednesday. This development has opened the door for more strength. On the downside, support comes in at the 1,270.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,320.00 level. All in all, GOLD looks to strengthen further on bull pressure.

 

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