FxWirePro: Gold rallies to 2-week as dollar struggles amid US rate outlook
Gold rose on Monday to hit two-week high, holding steady after Federal Reserve chair Janet Yellen said she still expected gradual U.S. rate increases. Yellow metal reached session high at 1247, but failed to advance furt…
Gold rose on Monday to hit two-week high, holding steady after Federal Reserve chair Janet Yellen said she still expected gradual U.S. rate increases.
Yellow metal reached session high at 1247, but failed to advance further as the metal retreated back slightly to trade at 1244 levels in the late US session.
The commodity is set to advance further towards 1275 and 1285 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 1247, a break above this level would expose the commodity towards 1260 levels.
To the downside immediate support can be seen at 1233, a break below at this level will open the door towards 1212 levels.
