GOLD broader bias remains higher but with corrective warning. On the downside, support comes in at the 1,500.00 level where a break will turn attention to the 1,490.00 level. Further down, a cut through here will open the door for a move lower towards the 1,480.00 level. Below here if seen could trigger further downside pressure targeting the 1,470.00 level. Conversely, resistance resides at the 1,520.00 level. Further out, resistance resides at the 1,530.00 level where a break will aim at the 1,540.00 level. A turn above there will expose the 1,550.00 level. Further out, resistance stands at the 1,560.00 level. All in all, GOLD looks to strengthen further but with caution.
This is an excerpt fromFXT Technical Strategist Plus(PRO Plan Package), a 7-currency model analysis and trade alerts utilized by all levels of traders with trade alerts.See Pricing and Get Started