FXWIREPRO: Gold Retreats from Daily High, Outlook Bearish
- Gold has retreated after finding resistance at 1223 levels to trade around 1218 levels, erasing some earlier gains made in the US session.
- Further upside is set to be limited as the commodity finds strong resistance at 1237 levels as a result a fall towards 1191 levels can be expected sooner or later.
- The commodity is poised to breach the support level located at 1208 and fall further towards downside as the dollar is set to strengthen as speeches by Federal Reserve in the coming days could give more clues on further interest rate hike.
- To the upside, the strong resistance can be seen 1237, a break above this level would expose the commodity towards 1249 levels.
- To the downside immediate support can be seen at 1208, a break below at this level will open the door towards 1191 levels. Support levels: S1-1208, S2-1191, S3-1180 Resistance levels: R1-1223, R2-1237, R3-1249
The material has been provided by InstaForex Company - www.instaforex.com