Gold has been oscillating mainly between the levels of 1119.21 and 1110.78, since the 30th of September 2015.
During the course of the session on Friday and amid downbeat market reports from the U.S., demand for the precious metal spiked and surged from as low as 1104.79 to as high as 1141.34. Buyers, however, found the 1141.34 level to be too resistive, thus forcing the price to consolidate below that area.
In the event that the price breaks below the level of 1134.17, the price could go down to the previous support levels at 1130.06 and 1126.52 in extension.
Conversely, in the scenario where the price manages to break above the resistance level of 1141.34, the price could escalate up to 1156.72.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.