FxWirePro: Gold reverses recent rally, bias back to downside
The yellow metal initially inched higher in the early US sessions, but rebound in the dollar prompted the investors to cash in profits after biggest daily rise this month. . Gold is likely to come under pressure as the d…
The yellow metal initially inched higher in the early US sessions, but rebound in the dollar prompted the investors to cash in profits after biggest daily rise this month.
.
Gold is likely to come under pressure as the dollar is set to strengthen across the board ahead of Fridays US retail sales data.
Currently the commodity is trading at 1271 levels, it is set to decline future towards 1260 and later 1250 levels in the short term.
To the upside, the strong resistance can be seen 1277, a break above this level would expose the commodity towards 1286 levels.
To the downside immediate support can be seen at 1260, a break below at this level will open the door towards 1252 levels.
