Gold slipped sharply lower on Thursday ,extending its previous days decline after Federal Reserve in its latest policy meeting signaled it could raise US interest rate as soon as next month. The minutes, from Feds meetin…
Gold slipped sharply lower on Thursday ,extending its previous days decline after Federal Reserve in its latest policy meeting signaled it could raise US interest rate as soon as next month.
The minutes, from Feds meeting indicated that the US central bank will more likely raise interest rate in June. If upcoming US economic data points to better figures.
Currently the yellow metal is approaching to test support level at 1243, the commodity is set to decline further towards downwards as the dollar is stronger across the board.
To the upside, strong resistance can be seen 1264, a break above this level would expose the commodity towards 1270 levels.
To the downside immediate support can be seen at 1243, a break below at this level will open the door towards 1234 levels.
