FxWirePro: Gold Steadies from Daily Lows, Outlook Bullish
- Gold inched up from Friday’s lows on Monday, as retreat in dollar helped the commodity recover some ground. The yellow metal has bounced from $1230 up to trade at $1239 in the US session.
- The yellow metal is set to advance further in the short term as Federal Reserve at its latest gathering this week is not expect to raise interest rate.
- Upside for the commodity is strongly favored as the yellow is set to breach the resistance level located at 1081 and advance further as dollar Is set to weaken in the short term.
- To the upside, the strong resistance can be seen 1251, a break above this level would expose the commodity towards 1258 levels.
- To the downside immediate support can be seen at 1233, a break below at this level will open the door towards 1222 levels. Support levels: S1-1233, S2-1222, S3-1216 Resistance levels: R1-1243, R2-1251, R3-1258
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