FXStreet (Córdoba) - Gold prices recovered upward strength as the week kicked-in, with spot firming up above $1,100.00 an ounce, and reaching a high of $1,108.50 before retreating somewhat. The metal was favored by its safe-haven condition as falling oil prices, amid concerns of a larger global glut, and shaky stock markets sent investors back towards safety. Gold technical view “Spot gold is looking more constructive daily basis, given that is closing the day above its 100 DMA, and far above a bullish 20 SMA, while the RSI indicator heads north around 60 and the Momentum indicator turned higher around its mid-line, all of which suggests the bright metal can extend its advance”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical outlook is also generally positive, as the price is above its moving averages, and the Momentum indicator heads north above its 100 level, although the RSI indicator has lost its upward strength, and turned slightly lower around 62. A strong static resistance comes at 1,109.60, followed by January high at 1,113.05. A break above this latter should see the commodity accelerating its upward momentum, and extend beyond 1,120”. Support levels: 1,101.90 1,092.40 1,082,40. Resistance levels: 1,109.60 1,113.05 1,117.90. For more information, read our latest forex news.