GOLD: Loses Upside Momentum Ahead Of Key Resistance
GOLD: Outlook for GOLD may remain higher but loss of upside momentum has set in. It took back most of its intra day gains to close marginally higher on Wednesday ahead of its key resistance at the 1,273.80 level. On the upside, resistance comes in at the 1,280.00 level where a breach will expose the 1,308 level. Further out, resistance resides at the 1,315.48 level with a violation will aim at the 1,331.36 level and then the 1,342.00 level. Conversely, key support lies at the 1,250.00 level where a break will aim at the 1,240.77/1,237.00 levels. However if this zone is taken out, expect more weakness to occur towards the 1,220.00 level. Further down, a turn below the mentioned support will target the 1,200.00 level. All in all, GOLD remains biased to the downside in the medium term but faces correction.
GOLD: Outlook for GOLD may remain higher but loss of upside momentum has set in. It took back most of its intra day gains to close marginally higher on Wednesday ahead of its key resistance at the 1,273.80 level. On the upside, resistance comes in at the 1,280.00 level where a breach will expose the 1,308 level. Further out, resistance resides at the 1,315.48 level with a violation will aim at the 1,331.36 level and then the 1,342.00 level. Conversely, key support lies at the 1,250.00 level where a break will aim at the 1,240.77/1,237.00 levels. However if this zone is taken out, expect more weakness to occur towards the 1,220.00 level. Further down, a turn below the mentioned support will target the 1,200.00 level. All in all, GOLD remains biased to the downside in the medium term but faces correction.
