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) - With gold resuming its corrective recovery and following through higher during Wednesday trading session, further strength is expected in the days ahead. This is coming on the back of a break above the Oct. 17 high of 1,693.95.
On continued bull pressure the Sept. 23 high of 1,754.55 will be targeted, with a breach there opening the door for a push toward the 1,800 level, its psychological level. Its daily RSI is bullish and pointing higher supporting this view.
Alternatively, on any pullbacks, the 1,693.95 level will come in as the initial support. We expect a reversal of roles as support at this level to occur and turn the commodity higher again. However, a breach of the 1,693.95 level could see gold weakening further toward the 1,595.75 level and then its Sept. low of 1,532.90.
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Facebook. All in all, while the commodity maintains above the 1,693.95 level, its Oct. 17 high, our bias remains higher on corrective recovery.
