FxWirePro: Gold prices set to advance further, bullish extension till 1280 is likely
The yellow metal inched higher on Thursday as the Euro bounced back from 6 weeks low after European Central Bank signaled that further interest rate cuts in the Eurozone is unlikely. The commodity is set to advance furth…
The yellow metal inched higher on Thursday as the Euro bounced back from 6 weeks low after European Central Bank signaled that further interest rate cuts in the Eurozone is unlikely.
The commodity is set to advance further towards higher side in the coming sessions as the demand for yellow metal is set to continue.
Any downside is expected to be limited around 1236 levels ,as the support level located at 1236 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
To the upside, strong resistance can be seen 1272, a break above this level would expose the commodity towards 1280 levels.
To the downside immediate support can be seen at 1255, a break below at this level will open the door towards 1240 levels.
