FxWirePro: Gold loses ground after dollar gains strengthen after US data
The yellow metal declined on Wednesday as the dollar gained strengthens after data showed U.S. manufacturing expanded in May. The commodity is set to decline further towards lower side in the short term as the yellow met…
The yellow metal declined on Wednesday as the dollar gained strengthens after data showed U.S. manufacturing expanded in May.
The commodity is set to decline further towards lower side in the short term as the yellow metal is set come under more downside pressure in the coming days on rising expectation for US interest rate hike.
To the upside, strong resistance can be seen 1243, a break above this level would expose the commodity towards 1262 levels.
To the downside immediate support can be seen at 1200, a break below at this level will open the door towards 1184 levels.
