FxWirePro: Gold steadies near two-week high as chances of rate hike dims
The yellow metal inched higher slightly on Tuesday to trade near two-week high as investors remained cautious on Federal Reserve imminent rate hike plan following Friday’s poor US employment data. In a speech on Monday, …
The yellow metal inched higher slightly on Tuesday to trade near two-week high as investors remained cautious on Federal Reserve imminent rate hike plan following Friday’s poor US employment data.
In a speech on Monday, Federal Reserve Chair Janet Yellen refrained from setting a time frame for further interest rate hike.
Gold is likely to advance further as the demand for the yellow metal is set to increase further in the coming days.
To the upside, the strong resistance can be seen 1247, a break above this level would expose the commodity towards 1252 levels.
To the downside immediate support can be seen at 1234, a break below at this level will open the door towards 1217 levels.
