FxWirePro: Gold slides more than 1 percent, scope for further downside
Gold fell more than 1 percent on Friday as US payrolls data for March beat expectations, putting pressure on the yellow metal which bottomed around 1208 levels. The positive economic data cooled fears about the health of…
Gold fell more than 1 percent on Friday as US payrolls data for March beat expectations, putting pressure on the yellow metal which bottomed around 1208 levels.
The positive economic data cooled fears about the health of US economy and increased speculation that the Federal Reserve may press ahead with interest rate hike sooner in the coming months.
Currently the yellow metal is trading around 1213 levels, it is set to decline further towards downwards as the resistance at 1223 is set to hold the bulls from advancing further.
To the upside, the immediate resistance can be seen 1215, a break above this level would expose the commodity towards 1233 levels.
To the downside immediate support can be seen at 1208, a break below at this level will open the door towards 1200 levels.
