Gold prices set to advance further, bullish extension till 1120 is likely- long around 1094, targets around 1110/1120, SL 1089
The yellow metal has declined marginally lower on Monday, however it has managed to stay around nine week high as continuing concerns over Chinese economy and increased pressure on Asian stocks has kept the demand for th…
The yellow metal has declined marginally lower on Monday, however it has managed to stay around nine week high as continuing concerns over Chinese economy and increased pressure on Asian stocks has kept the demand for the yellow metal intact.
The commodity is set to advance further towards higher side in the coming sessions as the demand for yellow metal is set to continue.
Any downside is expected to be limited around 1091 levels ,as the support level located at 1089 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 at 1109, a break above this level would expose the commodity towards 1115 levels.
To the downside immediate support can be seen at 1099, a break below at this level will open the door towards 1089 levels.
Recommendation: Go long around 1094, targets around 1110/1120, SL 1089
