Gold prices set to advance further, decline to be limited-Go long around 1170 with targets 1210/ 1230,SL 1120
The yellow metal surged higher on Monday extending gains from Fridays close, gaining more than 2 percent to hit highest level since June as stocks markets declined and worries over global economic growth continued to gro…
The yellow metal surged higher on Monday extending gains from Fridays close, gaining more than 2 percent to hit highest level since June as stocks markets declined and worries over global economic growth continued to grow pushing investors towards riskier assets.
Gold is likely to advance further as the demand for the yellow metal is set to increase further in the coming days.
Currently the commodity is approaching to resistance level at 1200.
To the upside, the strong resistance can be seen 1211, a break above this level would expose the commodity towards 1177 levels.
To the downside immediate support can be seen at 1188, a break below at this level will open the door towards 1145 levels.
Recommendation: Go long around 1170 with targets 1210/ 1230,SL 1120
