The commodity remains on its consolidation path as it cancelled out its Thursday losses on Friday to close the week higher. Though still retaining its bullish long term price structure, it presently faces the risk of weakening further having continued to hold below the 122.24 level. Supports are located are the 1,200 level and its July 07'10 low at 1,184.71. Below that level will open the door for more downside towards the 1,166.03 level, its May 21'10 low where a breather could occur and turn it up in its primary direction. To avert the above scenario, Gold will have to break and hold above the 1,265.05 level, its 2010 high. On a clearance of there, further strength should build up towards its psycho logical level at 1,300 level with a cut through that level paving the way for a run at the 1,350 level, its psycho level. Additional upside objectives are located at the 1,400 level and the 1,450 level. Overall, with the commodity still maintaining its longer term uptrend, further strength is expected towards the 1,300 level and beyond on ending its current weakness.
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