FxWirePro: Gold retreats from 13-week high but maintains bullish bias
Gold slipped from three week high on Wednesday as European stocks jumped after upbeat Chinese trade data which doused some concern about its economy as a result dollar gained some ground against the yellow metal. However…
Gold slipped from three week high on Wednesday as European stocks jumped after upbeat Chinese trade data which doused some concern about its economy as a result dollar gained some ground against the yellow metal.
However, downside is set to be limited as the commodity finds strong support at 1228 levels as a result a strong rebound can be expected sooner or later.
The commodity is poised to breach the resistance level located at 1255 and advance further towards upside as the dollar is set to weaken against yellow metal in the short term.
To the upside, the strong resistance can be seen 1262, a break above this level would expose the commodity towards 1267 levels.
To the downside immediate support can be seen at 1243, a break below at this level will open the door towards 1235 levels.
