FxWirePro:Gold steadies on safe heaven bid, as dollar struggle amid US rate outlook
The yellow metal surged higher on Tuesday as the bright metal was lifted higher by weak dollar and negitive US housing data. Data released from the US market showed US housing starts slipped more than expected in march a…
The yellow metal surged higher on Tuesday as the bright metal was lifted higher by weak dollar and negitive US housing data.
Data released from the US market showed US housing starts slipped more than expected in march and permits for future construction hit one year low.
Gold rose sharply towards higher levels in the early US session, however after finding resistance at 1256 it has retreated slightly to trade around 1252 levels.
Any downside is expected to be limited around 1230 levels as the support level located at 1228 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
To the upside, the strong resistance can be seen 1256, a break above this level would expose the commodity towards 1262 levels.
To the downside immediate support can be seen at 1246, a break below at this level will open the door towards 1239 levels.
