FxWirePro:Gold keeps gains on safe heaven demand and cautions Fed
Gold prices inched higher at the beginning of the week, with yellow metal hitting highest at 1254 an ounce in the early European session, before retreating back towards 1251 levels. Weak economic data and uncertainty sur…
Gold prices inched higher at the beginning of the week, with yellow metal hitting highest at 1254 an ounce in the early European session, before retreating back towards 1251 levels.
Weak economic data and uncertainty surrounding Fed’s monetary policy has contributed to risk aversion, boosting investors’ appetite for the yellow metal and Japanese yen perceived as safe haven.
The commodity is poised to breach the resistance level located at 1255 and advance further towards upside as the dollar is weaker across the board against yellow metal.
To the upside, the strong resistance can be seen 1255, a break above this level would expose the commodity towards 1260 levels.
To the downside immediate support can be seen at 1243, a break below at this level will open the door towards 1236 levels.
