GOLD - Risk Remains Higher On Trend Resumption

Aug 28, 2017

GOLD: The commodity continues to face upside pressure as it looks to resume its upside pressure presently on hold. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through here will open the door for a move lower towards the 1,260.00 level. Below here if seen could trigger further downside pressure targeting the 1,250.00 level. Conversely, resistance resides at the 1,300.00 level where a break will aim at the 1,310.00 level. A turn above there will expose the 1,320.00 level. Further out, resistance stands at the 1,330.00 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. All in all, GOLD looks to weaken further.

Strategy: Buy at 1,291.00, Stop loss at 1,276.00, Price target at 1,306.00 & 1,316.00.