FxWirePro: Gold Retreats from Daily High, Outlook Bearish
- Gold prices retreated in US session on Thursday as dollar continued to strengthen across the board as the greenback held onto gains after its biggest one day rally in over a month.
- Gold prices took a dive from 1240 levels to hit low at 1228 before recovering towards 1231 levels.
- The commodity is poised to breach the support level located at 1081 and decline further towards lower levels as yellow metal weaker against US dollar.
- To the upside, the strong resistance can be seen 1243, a break above this level would expose the commodity towards 1250 levels.
- To the downside immediate support can be seen at 1228, a break below at this level will open the door towards 1218 levels. Support levels: S1-1228, S2-1218, S3-1206 Resistance levels: R1-1236, R2-1243, R3-1250
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