Gold rallies to one year high, scope for further advance - long around 1230, targets around 1252/1265, SL 1210
The yellow metal surged higher on Thursday to hit one year high as financial instability and weaker dollar forced investors to take shelter in yellow metal. Gold declined initially in the early European session, however …
The yellow metal surged higher on Thursday to hit one year high as financial instability and weaker dollar forced investors to take shelter in yellow metal.
Gold declined initially in the early European session, however after finding support at 1123 the commodity rebounded towards higher levels in quick succession.
Any downside is expected to be limited around 1130 levels as the support level located at 1123 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 1230, a break above this level would expose the commodity towards 1219 levels.
To the downside immediate support can be seen at 1088, a break below at this level will open the door towards1257 levels.
Recommendation: Go long around 1230, targets around 1252/1265, SL 1210
