Gold inched higher in the US session adding to earlier gains as weakness in dollar and equities has helped the yellow metal to recover some ground from last week's losses suffered due to US rate hike.
- Currently the yellow metal has retreated after finding resistance at 1081 levels, it is set to decline further towards downwards as the resistance formed at 1081 is set to hold the bulls from advancing further.
- To the upside, the immediate resistance can be seen 1081, a break above this level would expose the commodity towards 1085 levels.
- To the downside immediate support can be seen at 1077, a break below at this level will open the door towards 1072 levels.
Recommendation: Go short around 1080, targets around 1074/1069, SL 1090
Support levels: S1-1077, S2-1072, S3-1066
Resistance levels: R1-1081, R2-1085, R3-1089
