GOLD: Although GOLD is seen recovering higher, its broader medium term downside remains intact. This suggests that the mentioned recovery is temporary with an eventual return to the 1,211.65 level expected. A cut through here will aim at the 1,200.00 level with a turn below here calling for a retake of the 1,180.00 level.
Further down, support resides at the 1,150.00 level with a turn below here shifting attention to the 1,100.00 level. Conversely, a follow through higher on its recovery will set the stage for a run at the 1,254.68 level. A breach will target the 1,300.00 level followed by the 1,350.00 level and possibly higher towards the 1,399.79 level.
All in all, GOLD remains biased to the downside medium term despite its recovery attempts.
Guest post by FX Tech Strategy
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