FxWirePro: Gold heads deeper into bear territory on Fed rate hike expectations
Gold declined to hit 3 ½ week low on Monday, as expectation rose that the US Federal Reserve will hike interest rate as early as June. The commodity is poised to breach the support level located at 1242 and fall further …
Gold declined to hit 3 ½ week low on Monday, as expectation rose that the US Federal Reserve will hike interest rate as early as June.
The commodity is poised to breach the support level located at 1242 and fall further towards downside as the dollar is set to strengthen as comments by Federal Reserve in the coming days could give more clues on further interest rate hike.
To the upside, the strong resistance can be seen 1237, a break above this level would expose the commodity towards 1249 levels.
To the downside immediate support can be seen at 1260, a break below at this level will open the door towards 1265 levels.
