FxWirePro: Gold rebounds from daily lows, outlook still bearish
Gold declined to hit two weeks low on Tuesday as firmer dollar and higher equities pushed investors towards riskier assets as demand for safe heaven assets waned. Gold prices took a dive from 1268 levels to hit low at 12…
Gold declined to hit two weeks low on Tuesday as firmer dollar and higher equities pushed investors towards riskier assets as demand for safe heaven assets waned.
Gold prices took a dive from 1268 levels to hit low at 1256 before recovering towards 1264 levels.
The commodity is poised to breach the support level located at 1256 and decline further towards lower levels as yellow metal weaker against US dollar.
To the upside, the strong resistance can be seen 1273, a break above this level would expose the commodity towards 1286 levels.
To the downside immediate support can be seen at 1256, a break below at this level will open the door towards 1247 levels.
