GOLD: Triggers Recovery, Eyes Further Upside Pressure.

[FXTechstrategy Team 10]

GOLD: With GOLD rallying through its big psycho level at 1,700.00 level to close the week higher the past week, it now looks to extend that strength in the new week. This will leave the commodity targeting the 1,750 level and possibly higher targeting the 1.800 level. Its weekly RSI is bullish and pointing higher suggesting further upside. The alternative scenario will be for the commodity to return to the 1,676 level and the 1,700.00 level. We expect this levels to provide a strong support and turn it higher. Further down, support lies at the 1,640.45 level where a violation will aim at the 1,600.00 level. However, if this fails, further declines will shape up towards the 1,584 level and then the 1,544.35. All in all, GOLD continues to hold on to its bullish tone.

 

[FXTechstrategy Team 10]

GOLD: With the commodity bullish and extending its recovery initiated from the 1,672.23 level, there is risk of a run at the 1,743.50 level. A cut through here will open the door for more gains towards the 1,750.00 where a violation will call for a move further higher towards the 1,795 level. Price hesitation may occur here and turn the commodity back lower. However, if this fails to occur, we could see GOLD resuming its medium term uptrend towards the 1,800.00 level. Further out, resistance comes in at the 1.850 level. Its daily RSI is Bullish and pointing higher supporting this view. On the downside, support lies at 1,705.20 level where a breach 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 where a respite is likely to occur. Further down, support comes in at the 1,580.00 level. All in all, GOLD continues to hold on to its corrective recovery tone as it looks to extend more upside.

 

[FXTechstrategy Team 10]

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

 

[MightyMouse 12]

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

 

 

Gold is targeting 1750 where a violation will call for a move to 1795 and possibly up to 1850, or it could find support or run to 1640 or 1600. Seems like you have located surgically pinpointed approximately a 350 point range. There is no way you can be wrong unless gold skips trading at 1750 and moves directly up to 1850 without trading between 1750 and 1795, or it could trade at 1750 and skip trading the entire area of 1750 to 1600. If it did something crazy like that then you would be wrong.

 

You might want to try your hand at the weather instead.

[FXTechstrategy Team 10]

GOLD: Despite its past week pullback, the commodity continues to maintain its broader upside. This suggests the risk of returning the 1,738 level remains on the cards. As long as it trades and holds above its rising long term trendline, this view remains valid. Resistance resides at the 1,750.00 level where a break will push it further towards the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,820.00 level. Further out, resistance comes in at the 1.850 level. On the downside, support lies at 1,705.20 level where a breach 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 in the medium term.

 

[FXTechstrategy Team 10]

GOLD: Our outlook on GOLD remains to the upside with the risk of a return to the 1,738 level a likely scenario. As long as it trades and holds above its rising long term trendline, this view remains valid. Resistance resides at the 1,750.00 level where a break will push it further towards the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,820.00 level. Further out, resistance comes in at the 1.850 level. On the downside, support lies at 1,705.20 level where a breach 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.

 

[FXTechstrategy Team 10]

GOLD: Outlook for GOLD remains higher as it extended its upside offensive the past week. This development leaves the commodity targeting the 1,774 level where a violation will call for a run at the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,827.85 level. Further out, resistance comes in at the 1.850 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at 1,705.20 level where a breach 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.

 

 

[FXTechstrategy Team 10]

GOLD: With the commodity remaining vulnerable and bearish, it looks to decisively break and hold below the 1,672.23 level. While it may be holding below here as at the time of this report, it will have to do that on a weekly closing basis. A continued hold below here will turn attention to the 1,640.45 level with a cut through there allowing for a push further lower towards the 1,600.00 level. A respite is likely to occur here and turn the commodity higher. Its daily RSI is bearish and pointing lower supporting this view. Conversely, a return above the 1,753 level will open up further risk towards the 1,774 level. A cut through here will call for a run at the 1,795 level and then the 1,827.85 level. All in all, GOLD remains vulnerable to the downside.