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FxWirePro: Gold rallies as dollar struggles, bias back to upside

Wednesday, May 11, 2016 6:57 PM UTC

Gold rebounded on Wednesday, as the dollar rally paused on the day and global shares fell rekindling investors’ appetite for the yellow metal.

The commodity is set to advance further towards 1285 and 1295 in the short term as the dollar is weaker across the board against the yellow metal.
To the upside, the strong resistance can be seen 1282, a break above this level would expose the commodity towards 1300 levels.
To the downside immediate support can be seen at 1273, a break below at this level will open the door towards 1256 levels.

Support levels: S1-1273, S2-1256, S3-1247

Resistance levels: R1-1282, R2-1300, R3-1309

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FxWirePro: Gold rallies as dollar struggles, bias back to upside

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