Gold: Tumbles Lower, Extends Weakness

Forex Trades • Mar 1, 2018 at 11:27 AM EST

Gold retains its downside short term as it sold-off on Thursday leaving the risk of more upside pressure. On the downside, support comes in at the 1,300.00 level.

Gold retains its downside short term as it sold-off on Thursday leaving the risk of more upside pressure. On the downside, support comes in at the 1,300.00 level where a break will turn attention to the 1,290.00 level.

Further down, a cut through here will open the door for a move lower towards the 1,280.00 level. Below here if seen, could trigger a further downside pressure towards the 1,270.00 level. Conversely, resistance resides at the 1,310.00 level where a break will aim at the 1,320.00 level.

A turn above there will expose the 1,330.00 level. Further out, resistance stands at the 1,340.00 level. All in all, gold looks to strengthen further.

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