Gold: Retains Upside Tone Despite Price Hesitation

Gold: The commodity took back its Friday losses to close higher on Monday but still faces upside risk. On the downside, support comes in at the 1,170.00 level where a break will turn attention to  the 1,160.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,150.00 level.

Below here if seen could  trigger further downside pressure targeting the 1,140.00 level. Conversely, resistance resides at the 1,190.00 level where a break will aim at the 1,200.00 level. A turn above there will expose the  1,210.00 level. Further out, resistance stands at  the 1,220.00 level. All in all, Gold looks to recover further higher.

Disclosure: None.

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