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GOLD Sees Price Extension On Bull Pressure

Oct 12 2017, 07:03 PM (+06) | FXTechstrategy

GOLD: The commodity extended its recovery on Wednesday leaving risk higher in the days ahead. However, beware of pullback threats. On the downside, support comes in at the 1,290.00 level where a break will turn attention to the 1,280.00 level. Further down, a cut through here will open the door for a move lower towards the 1,270.00 level. Below here if seen could trigger further downside pressure targeting the 1,260.00 level. Conversely, resistance resides at the 1,300.00 level where a break will aim at the 1,310.00 level. A turn above there will expose the 1,320.00 level. Further out, resistance stands at the 1,330.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GOLD looks to recover further higher.

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