Gold consolidates around 1056 levels, outlook remains bearish - short around 1062 with targets 1054/1047, SL 1075

Gold is consolidated around 1056 levels, after slipping to its sharpest decline in five months yesterday. The US rate hike sparked dollar demand across the board on Thursday, putting pressure on the yellow metal which bottomed around 1,047 levels.

• Currently the yellow metal is consolidating around 1058 levels, it is set to decline further towards downwards as the resistance at 1065 is set to hold the bulls from advancing further.
   
• To the upside, the immediate resistance can be seen 1060, a break above this level would expose the commodity towards 1065 levels.
   
• To the downside immediate support can be seen at 1057, a break below at this level will open the door towards 1052 levels.
  
  Recommendation: Go short around 1062, targets around 1054/1047, SL 1075
  
  Support levels: S1-1057, S2-1052, S3-1046
  
  Resistance levels: R1-1060, R2-1065, R3-1071