FxWirePro: Gold remains bullish as rally continues
The yellow metal rose sharply on Friday after dollar was broadly sold across the board as Bank of Japan decision the previous day to hold off expanding monetary stimulus and weak US data weighted on the dollar. Gold rose…
The yellow metal rose sharply on Friday after dollar was broadly sold across the board as Bank of Japan decision the previous day to hold off expanding monetary stimulus and weak US data weighted on the dollar.
Gold rose in quick succession towards 1296 levels after Personal Spending data came negative before retreating back to trade around 1290 levels.
Currently the commodity is trading at 1289 levels, it is set to advance future towards 1310 and later 1340 levels in the short term.
To the upside, the strong resistance can be seen 1296, a break above this level would expose the commodity towards 1306 levels.
To the downside immediate support can be seen at 1287, a break below at this level will open the door towards 1281 levels.
