FxWirePro:Gold breaks consolidates around 1235 levels, outlook bullish
Tuesday, March 29, 2016 5:05 PM UTC
- The yellow metal rose on Tuesday after dollar was broadly sold across the board after Federal Reserve’s Chair yellen said that global risks were not expected to have a deep impact on the united states but it was still appropriate for Fed to proceed cautiously in hiking rates .
- Gold rose in quick succession towards 1240 levels after Federal Reserve’s yellen comments before retreating back to trade around 1235 levels.
- Currently the commodity is trading at 1235 levels, it is set to advance future towards 1260 and later 1270 levels.
- To the upside, the strong resistance can be seen 1249, a break above this level would expose the commodity towards 1261 levels.
- To the downside immediate support can be seen at S1-1130, a break below at this level will open the door towards 1122 levels.
Support levels: S1-1230, S2-1222, S3-1209
Resistance levels: R1-1240 R2-1249, R3-1261
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