FxWirePro: Gold rallies to 1-month high, scope for further upside
Gold retreated towards 1249 levels in volatile session on Thursday as dollar firmed after ECB press conference. The yellow metal initially jumped after European Central Bank President Mario Draghi said the monetary polic…
Gold retreated towards 1249 levels in volatile session on Thursday as dollar firmed after ECB press conference.
The yellow metal initially jumped after European Central Bank President Mario Draghi said the monetary policy was working and economic recovery was progressing well.
Yellow metal hit 1-month high at 1268 but declined in quick session after investors liquidated speculative positions in yellow metal.
Further decline is set to be limited as the support formed at 1240 is set to limit downside and push the commodity towards higher side.
To the upside, the immediate resistance can be seen 1256, a break above this level would expose the commodity towards 1262 levels.
To the downside immediate strong support can be seen at 1240, a break below at this level will open the door towards 1228 levels.
