The yellow metal extended its decline on Friday from previous session, losing more ground from previous day’s losses to hit fresh 8-week low on growing speculation that the Federal Reserve will press ahead with interest …
The yellow metal extended its decline on Friday from previous session, losing more ground from previous day’s losses to hit fresh 8-week low on growing speculation that the Federal Reserve will press ahead with interest hikes in June.
Gold is likely to decline further as the dollar is broadly stronger across the board ahead of Janet Yellen’s speech.
Currently the commodity is trading at 1214 levels, it is set to decline further towards 1200 and later 1190 in the short term.
To the upside, the strong resistance can be seen 1240, a break above this level would expose the commodity towards 1252 levels.
To the downside immediate support can be seen at 1209, a break below at this level will open the door towards 1190 levels.
