Gold consolidates around 1095, bias remains bullish- long around 1178, targets around 1200/1230, SL 1062
The yellow metal traded higher on Tuesday but was underpinned by risk aversion as world equities remained volatile due to fears that global economy could fall into recession.The yellow metal declined towards 1187 in the …
The yellow metal traded higher on Tuesday but was underpinned by risk aversion as world equities remained volatile due to fears that global economy could fall into recession.The yellow metal declined towards 1187 in the early US session, before recovering to trade around 1194 levels.
Any downside is expected to be limited around 1080 levels as the support level located at 1078 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 1200, a break above this level would expose the commodity towards 1210 levels.
To the downside immediate support can be seen at 1088, a break below at this level will open the door towards1077levels.
Recommendation: Go long around 1178, targets around 1200/1230, SL 1062
