The metal resumed facing extremelly downside pressures since the 1st of June, 2015, with the latest resistance level for today’s trading session being at 1178.57.
In the scenario where such downside pressures continue, the price could drop as low as 1162.79. A further break below 1162.79 could highly likely enable the sellers to exert a greater momentum and push gold toward lower levels.
Alternatively, a strong break above 1178.57 could be an indication of a valid bullish reversal confirmation that could lead the metal once again to the upside.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.