Gold consolidates around 1138 levels, outlook bullish - Go long around 1130 targets around 1145/1160, SL 1116
The yellow metal rose on Wednesday after dollar was broadly sold across the board after ISM non-manufacturing PMI printed negative figures and skeptics about further interest hikes by Federal Reserves prompted investors …
The yellow metal rose on Wednesday after dollar was broadly sold across the board after ISM non-manufacturing PMI printed negative figures and skeptics about further interest hikes by Federal Reserves prompted investors to seek safer assets.
Gold rose in quick succession towards 1140 levels after ISM non-manufacturing PMI data came negative before retreating back to trade around 1139 levels.
Currently the commodity is trading at 1138 levels, it is set to advance future towards 1145 and later 1160 levels.
To the upside, the strong resistance can be seen 1145, a break above this level would expose the commodity towards 115 levels.
To the downside immediate support can be seen at S1-1130, a break below at this level will open the door towards 1122 levels.
Recommendation: Go long around 1130 targets around 1145/1160, SL 1116
