FxWirePro: Gold Rallies to 1-Month High, Scope for Further Upside

FxWirePro: Gold Rallies to 1-Month High, Scope for Further Upside

21 April 2016, 18:25
Roberto Jacobs
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FxWirePro: Gold Rallies to 1-Month High, Scope for Further Upside

  • Gold retreated towards 1249 levels in volatile session on Thursday as dollar firmed after ECB press conference. 
  • The yellow metal initially jumped after European Central Bank President Mario Draghi said the monetary policy was working and economic recovery was progressing well. 
  • Yellow metal hit 1-month high at 1268 but declined in quick session after investors liquidated speculative positions in yellow metal. 
  • Further decline is set to be limited as the support formed at 1240 is set to limit downside and push the commodity towards higher side. 
  • To the upside, the immediate resistance can be seen 1256, a break above this level would expose the commodity towards 1262 levels. 
  • To the downside immediate strong support can be seen at 1240, a break below at this level will open the door towards 1228 levels. Support levels: S1-1240, S2-1228, S3-1216 Resistance levels: R1-1256, R2-1262, R3-1270

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