FxWirePro: Gold prices set to advance further, bullish extension till 1320 is likely
The yellow metal retreated on Tuesday, as the green back bounced back on rate hike comments from Federal Reserve’s Lock hurt. However, the bright metal remained near 15-month high. The commodity is set to advance further…
The yellow metal retreated on Tuesday, as the green back bounced back on rate hike comments from Federal Reserve’s Lock hurt. However, the bright metal remained near 15-month high.
The commodity is set to advance further towards higher side in the coming sessions as the demand for yellow metal is set to continue.
Further downside is expected to be limited, as the support level located at 1271 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
To the upside, strong resistance can be seen 1303, a break above this level would expose the commodity towards 1312 levels.
To the downside immediate support can be seen at 1281, a break below at this level will open the door towards 1271 levels.
