Gold Continues to Face Downside Risk
The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (fxtechstrategy.com) -- While gold remains bearish and vulnerable to the downside, there is a likely risk of further declines. In such a case, 1,627.50 will come in as the next downside target with a violation of that level opening the door to 1,601.10.
We may see a respite here but if that fails to occur, further declines could follow toward the December low of 1,522.55. A break of here will open the door for further weakness toward the psycho level at 1,500.00.
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