Gold dips towards lower range, bias remains bearish - short around 1092, targets around 1080/1075, SL 1100
The yellow metal has declined to trade around 1086 levels, giving up the earlier gains made in the previous US session. The commodity is poised to breach the support level located at 1081 and fall further towards downsid…
The yellow metal has declined to trade around 1086 levels, giving up the earlier gains made in the previous US session.
The commodity is poised to breach the support level located at 1081 and fall further towards downside as the dollar is stronger across the board and firmer tone to stock markets has undermined the metals demand.
To the upside, the strong resistance can be seen at 1092, a break above this level would expose the commodity towards 1099 levels.
To the downside immediate support can be seen at 1081, a break below at this level will open the door towards 1074 levels.
Recommendation: Go short around 1092, targets around 1080/1075, SL 1100
