FxWirePro: Gold Rises After US Core Durables Data, Outlook Remains Bullish
- Gold (XAU/USD) rose on Tuesday, as weaker than expected US core durables data weakened the dollar further ahead of Federal Reserve policy meeting.
- The bright metal is expected to reach higher levels as Federal Reserve is broadly expected to hold interest rate steady at the meeting starting later in the session.
- Upside for the commodity is strongly favored as the yellow is set to breach the resistance level located at 1243 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 1231, a break below at this level will open the door towards 1223 levels. Support levels: S1-1231, S2-1223, S3-1216 Resistance levels: R1-1243, R2-1251, R3-1258