FxWirePro: Gold rebounds and gains some upside momentum, but outlook still bearish
Gold has rebounded after finding support at 1223 levels to trade around 1234 levels, erasing some earlier losses suffered in the previous European session. However, upside is set to be limited as the commodity finds stro…
Gold has rebounded after finding support at 1223 levels to trade around 1234 levels, erasing some earlier losses suffered in the previous European session.
However, upside is set to be limited as the commodity finds strong resistance at 1244 levels as a result further fall towards downside can be expected sooner or later.
The commodity is poised to breach the support level located at 1230 and fall further towards downside as the dollar is stronger across the board ahead of tomorrow’s Non-farm payrolls data.
To the upside, the strong resistance can be seen 1244, a break above this level would expose the commodity towards 1260 levels.
To the downside immediate support can be seen at 1230, a break below at this level will open the door towards 1223 levels.
