FXWIREPRO: GOLD Prices Set to Decline Further, Upside to be Limited
- Gold has declined to trade around 1089 levels, giving earlier gains made in European session, as Friday’s strong US jobs data boosted investors risk sentiment, while uncertainly continued about Federal Reserve’s rate hike path.
- The US central bank this Wednesday could hint on further plans by the Feds on next rate hike plan.
- To the upside, the strong resistance can be seen 1223, interest rate a break above this level would expose the commodity towards 1229 levels.
- To the downside immediate support can be seen at 1209, a break below at this level will open the door towards 1200 levels. Support levels: S1-1209, S2-1200, S3-1190 Resistance levels: R1-1223, R2-1229, R3-1237
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