GOLD: The commodity continues to hold on to its recovery higher but may have run into the bears as price hesitation has set in.
However, it will have to retake the 1,375 levels to prevent risk of a return to the downside. In case this occurs, support lies at the 1,240.00 level with a turn below here shifting attention to the 1,215.00 level and next the 1,180.00 level.
Conversely, resistance lies at the 1,375 level where a breach will target the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level.
Further out, resistance resides at the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the upside on correction.
Guest post by FX Tech Strategy
