FxWirePro: Gold hits fresh 15-month high, scope for further upside
The yellow metal surged higher on Monday as the bright metal was lifted higher by weak dollar and negative US factory data. Data released from the US market showed index of national factory activity slipped to 50.8 last …
The yellow metal surged higher on Monday as the bright metal was lifted higher by weak dollar and negative US factory data.
Data released from the US market showed index of national factory activity slipped to 50.8 last month from reading of 51.8 in March.
Any downside is expected to be limited as the support level located at 1273 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
To the upside, the strong resistance can be seen 1304, a break above this level would expose the commodity towards 1320 levels.
To the downside immediate support can be seen at 1282, a break below at this level will open the door towards 1272 levels.
