Gold prices set to rebound, further decline to be limited- long around 1062 with targets 1075/1085, SL 1057
The yellow metal has declined to trade around 1073 levels, giving up the earlier gains made in the previous US session. The commodity is poised to breach the support level located at 1070 and fall further towards downsid…
The yellow metal has declined to trade around 1073 levels, giving up the earlier gains made in the previous US session. The commodity is poised to breach the support level located at 1070 and fall further towards downside. However, downside is expected to be limited around 1062 levels as the support level located at 1060 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 1078, a break above this level would expose the commodity towards 1085 levels.
To the downside immediate support can be seen at 1070, a break below at this level will open the door towards 1065 levels.
Recommendation: Go long around 1062, targets around 1075/1085, SL 1057
