Commodity Technical Outlook

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Thursday, 05th of Jan, 2012
COMMODITY TECHNICAL OUTLOOK
GOLD
FXTechstrategy Team
info_at_fxtechstrategy.com
GOLD Strengthens On Corrective Recovery, Eyes
Key Resistance. GOLD While Golds nearer term
bias remains to the upside as the commodity
continues to strengthen, a convincing violation
of the 1,641.25 level, its Dec 212011 high is
required to pave the way for further upside
gains. This will push the commodity further
higher and then target the 1,677.35 level, its
Dec 132011 high where a violation will set it up
for a move towards the 1,762.50 level. Further
out, the 1,802.75 level, its Nov2011 high comes
in as the next upside resistance. Its daily RSI
is bullish and pointing higher suggesting further
gains. Alternatively, the risk to our analysis
will be a return to the 1,522.55 level, its Dec
2011 low. This if it materializes will open the
door for additional weakness towards its psycho
level at 1,500.00. All in all, Gold continues to
hold on to its strengthen on corrective
recovery. To read the full version of this 7
model currency analysis click here FXT Technical
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