Gold prices set to rebound, further decline to be limited- Long around 1085, targets around 1098/1105, SL 1073
Gold has declined to trade around 1089 levels, giving earlier gains made in European session, as the moves were range bound in thin liquidity in a holiday shortened day. The yellow metal is poised to rebound towards high…
Gold has declined to trade around 1089 levels, giving earlier gains made in European session, as the moves were range bound in thin liquidity in a holiday shortened day.
The yellow metal is poised to rebound towards higher level as the commodity faces strong support at 1080 levels.
To the upside, the strong resistance can be seen 1093, a break above this level would expose the commodity towards 1098 levels.
To the downside immediate support can be seen at 1088, a break below at this level will open the door towards 1080 levels.
Recommendation: Go long around 1085, targets around 1098/1105, SL 1060
