GOLD: Rolls Over, Set To Retest Key Support. GOLD: The commodity may be preparing to end the week lower if a follow through on its Thursday losses continues.

1. Friday, 23th of Sept, 2011 FXTechstrategy Team
info@fxtechstrategy.com
COMMODITY TECHNICAL OUTLOOK
GOLD
GOLD: Rolls Over, Set To Retest Key Support.
GOLD: The commodity may be preparing to end the
week lower if a follow through on its Thursday losses
continues. Gold remains weak and continues to
target lower level prices having triggered a
corrective weakness off the 1,920.50 level in early
Sept’2011. A push further lower will bring the
1,702.31 level, its Aug 25’2011 low into focus with a
loss of that level opening the door for further
declines towards the 1,632.60 level, its July 29’2011
high. Its daily RSI is bearish and pointing lower
suggesting further weakness. On the upside, the
commodity will have to break and hold above
1,920.50 level, its 2011 high to reverse its losses
and resume its long term strength (now on hold)
towards the 1,950 level followed by its big psycho
level at 2,000. We expect this level to present a
considerable resistance and turn the commodity
back lower if tested. All in all, Gold may be biased to
the upside in the long term, but continues to face
corrective weakness risks.
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