Gold rallies to 11-week high, scope for further upside- long around 1100 with targets 1110/1115, SL 1094
Gold strongly claimed higher breaking the psychological barrier of 1100 levels for the first time in 9-weeks on Thursday after dollar weakened and the market volatility increased as the worries about the Chinese economy …
Gold strongly claimed higher breaking the psychological barrier of 1100 levels for the first time in 9-weeks on Thursday after dollar weakened and the market volatility increased as the worries about the Chinese economy hit global stocks.
The commodity is poised to trade in higher range in the coming sessions as the demand for yellow metal is set to continue.
Any downside is expected to be limited around 1097 levels as the support level located at 1094 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 1106, a break above this level would expose the commodity towards 1111 levels.
To the downside strong support can be seen at 1094, a break below at this level will open the door towards1083levels.
Recommendation: Go long around 1100, targets around 1110/1115, SL 1094
