FxWirePro:Gold breaks consolidates around 1235 levels, outlook bullish
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 ap…
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.
