FxWirePro:Gold retreats from daily high, outlook bearish
Gold prices retreated in US session on Thursday as dollar continued to strengthen across the board as the greenback held onto gains after its biggest one day rally in over a month. Gold prices took a dive from 1240 level…
Gold prices retreated in US session on Thursday as dollar continued to strengthen across the board as the greenback held onto gains after its biggest one day rally in over a month.
Gold prices took a dive from 1240 levels to hit low at 1228 before recovering towards 1231 levels.
The commodity is poised to breach the support level located at 1081 and decline further towards lower levels as yellow metal weaker against US dollar.
To the upside, the strong resistance can be seen 1243, a break above this level would expose the commodity towards 1250 levels.
To the downside immediate support can be seen at 1228, a break below at this level will open the door towards 1218 levels.
