FxWirePro: XAU/USD intraday upside momentum strong after global stocks decline
The yellow metal traded higher on Monday as global shares declined while fall in average US earnings lessened expectations that Federal Reserve could raise interest rate at next meeting. The commodity after finding suppo…
The yellow metal traded higher on Monday as global shares declined while fall in average US earnings lessened expectations that Federal Reserve could raise interest rate at next meeting.
The commodity after finding support at 1255 level has rebounded strongly and is approaching to test resistance level located at 1273.
Any downside is expected to be limited as the support level located at 1255 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
To the upside, the strong resistance can be seen 1273, a break above this level would expose the commodity towards 12805 levels.
To the downside immediate support can be seen at 1255, a break below at this level will open the door towards 1244 levels. Support levels: S1-1255, S2-1244, S3-1233 Resistance levels: R1-1273, R2-1280, R3-1291
