FxWirePro: Gold rallies to 3-week as dollar struggles amid US rate outlook
Gold rose to three week high on Tuesday, with yellow metal reaching intraday high at 1262, but failed to advance further as the metal retreated back towards 1254 levels in the early US session. The dollar sank on the day…
Gold rose to three week high on Tuesday, with yellow metal reaching intraday high at 1262, but failed to advance further as the metal retreated back towards 1254 levels in the early US session.
The dollar sank on the day to a near 8-month low weighted down by expectations that the Federal Reserve will keep US interest rates lower for longer.
The commodity is set to advance further towards 1262 and 1267 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 1255, a break above this level would expose the commodity towards 1260 levels.
To the downside immediate support can be seen at 1250, a break below at this level will open the door towards 1243 levels.
