FxWirePro: Gold inches down on steady dollar, scope for further downside
Gold prices declined on Tuesday as dollar continued to strengthen across the board after Federal Reserve officials sounded a hawkish note on interest rates, boosting the dollar. Fed Chair Janet Yellen said on Friday the …
Gold prices declined on Tuesday as dollar continued to strengthen across the board after Federal Reserve officials sounded a hawkish note on interest rates, boosting the dollar.
Fed Chair Janet Yellen said on Friday the case for higher rates was strengthening, though she gave little clarity on the timing of a move. Later that day Vice Chair Stanley Fischer suggested a hike could come as soon as September.
The commodity is poised to breach the support level located at 1304 and decline further towards lower levels as yellow metal weaker against the US dollar.
To the upside, the strong resistance can be seen 1325, a break above this level would expose the commodity towards 1333 levels.
To the downside, immediate support can be seen at 1313, a break below at this level will open the door towards 1304 levels.
