Gold Update – Umesh Shanmugam


GOLD: GOLD triggered a recovery higher the past week leaving room for more upside in the new week. However, it will have to overcome the 1,329 level to extend its upside. A failure for this to occur could mean a return to the downside with eyes on 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 1,329 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 downside though correcting higher.

-Umesh Shanmugam