FxWirePro: Gold pauses after strong rally, bias remains bullish
The yellow metal paused in afternoon US session as the market took a breather after rally in the European session following Bank of England interest rate decision. The commodity has dipped towards 1265 levels, as gain in…
The yellow metal paused in afternoon US session as the market took a breather after rally in the European session following Bank of England interest rate decision.
The commodity has dipped towards 1265 levels, as gain in crude oil prices limited demand metals safe heaven appeal.
Any downside is expected to be limited as the support level located at 1247 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 1270, a break above this level would expose the commodity towards 1279 levels.
To the downside immediate support can be seen at 1262, a break below at this level will open the door towards 1254 levels.
