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GOLD: Vulnerable Below The 1263/79 Zone

GOLD: With GOLD closing higher the past week (see weekly chart), further strength is expected. However, while it trades below the 1263.00/1279.00 resistance zone, risk of a move lower is likely. On the downside, support comes in at the 1250.00 level where a break will turn attention to the 1240.00 level.

Further down, a cut through here will open the door for a move lower towards the 1230.00 level. Below here if seen could trigger further downside pressure targeting the 1220.00 level. Conversely, resistance resides at the 1263.00 level where a break will aim at the 1279.00 level. A turn above there will expose the 1290.00 level. Further out, resistance stands at the 1300.00 level. All in all, GOLD looks to pullback lower on price failure.


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FX Tech Strategy

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FX Tech Strategy provides simple forex research for Intra-day, swing and position traders. For over 6 years, FXTechstrategy has been committed to providing forex traders including intra-day, swing and position traders exceptional forex research with technical analysis expertise that makes trading decisions easy and painless. FXTchstrategy won Best Technical Analysis (forex best awards) by fxstreet in 2011 and was finalists, Star Awards by traderplanet in 2011 & 2012.