Gold prices consolidating around 1065, bias remains bearish- short around 1070 with targets 1075/1085, SL 1057
The yellow metal is moving in sideways direction off late as the increased risk aversion on fears whether Federal Reserve will raise the interest rate hike or not has kept the gold investors on the sidelines. The commodi…
The yellow metal is moving in sideways direction off late as the increased risk aversion on fears whether Federal Reserve will raise the interest rate hike or not has kept the gold investors on the sidelines.
The commodity is poised to breach the support level located at 1057 and fall further towards downside as the dollar is stronger across the board ahead of FOMC statement.
The market is awaiting rate hike decision by Federal Reserve, any decision by the central bank to raise the interest rate later in the day will trigger gold selloff across the board.
To the upside, the strong resistance can be seen 1071, a break above this level would expose the commodity towards 1077 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 1070, targets around 1057/1050, SL 1080
