Gold retreats from 12-week high, outlook remains bearish - Short around 1118, targets around 1105/1098, SL 1128
Gold retreated on Thursday as investors cashed in gains from previous days rally to 12 week high, the demand for yellow has cooled down after the oil prices recovered. Currently the yellow metal has retreated towards 111…
Gold retreated on Thursday as investors cashed in gains from previous days rally to 12 week high, the demand for yellow has cooled down after the oil prices recovered.
Currently the yellow metal has retreated towards 1116 levels from 1128 levels, it is set to decline further towards downwards as the resistance formed at 1128 is set to hold the bulls from advancing further.
To the upside, strong resistance can be seen 1128, a break above this level would expose the commodity towards 1132 levels.
To the downside immediate support can be seen at 1114, a break below at this level will open the door towards 1105 levels.
Recommendation: Go short around 1118, targets around 1105/1098, SL 1128
