GOLD: Corrective Bias Remains Intact
GOLD: With the commodity remaining vulnerable to the downside on correction, more weakness is likely. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,200.00 level. Further down, a cut through here will open the door for a move lower towards the 1,210.00 level. Below here if seen could trigger further downside pressure targeting the 1,200.00 level. 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 1260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to weaken further.
Originally published at www.fxtechstrategy.com on April 17, 2016.