GOLD: Triggers Recovery, Eyes Further Upside Pressure

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By Mohammed Isah | November 12, 2012 8:03 AM EST

GOLD: The commodity halted its declines and triggered a corrective recovery the past week. This development leaves GOLD targeting the 1,750.00 where a violation will call for a move further higher towards the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,800.00 level. Further out, resistance comes in at the 1.850 level. Its weekly RSI has turned higher supporting its corrective tone. On the downside, support lies at 1,705.20 level where a violation will call for a run at the 1,640.45 level. A cut through here will allow for more declines towards the 1,600.00 level. A respite is likely to occur here but if that fails, expect Gold to weaken further towards the 1,580.00 level. All in all, GOLD is biased to the upside on correction

For more forex information, go to www.fxtechstrategy.com

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For more forex information, go to www.fxtechstrategy.com

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