FxWirePro:Gold retreats from daily high, outlook bearish
Gold dipped on Friday as dollar continued to strengthened across the board pushing investors towards riskier assets as demand for safe heaven assets waned. Gold prices took a dive from 1250 levels to hit low at 1240 befo…
Gold dipped on Friday as dollar continued to strengthened across the board pushing investors towards riskier assets as demand for safe heaven assets waned.
Gold prices took a dive from 1250 levels to hit low at 1240 before recovering towards 1242 levels.
The commodity is poised to breach the support level located at 1239 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 1240, a break below at this level will open the door towards 1234 levels.
