FxWirePro: Gold Hits Fresh 15-Month High, Scope for Further Upside

FxWirePro: Gold Hits Fresh 15-Month High, Scope for Further Upside

2 May 2016, 17:39
Roberto Jacobs
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FxWirePro: Gold Hits Fresh 15-Month High, Scope for Further Upside

  • The yellow metal surged higher on Monday  as the bright metal was lifted higher by weak dollar and negative US factory data. 
  • Data released from the US market showed index of national factory activity slipped to 50.8 last month from reading of 51.8 in March.   
  • Any downside is expected to be limited as the support level located at 1273 is likely to hold the bears from falling further below and bring a rebound back towards higher levels. 
  • To the upside, the strong resistance can be seen 1304, a break above this level would expose the commodity towards 1320 levels. 
  • To the downside immediate support can be seen at 1282, a break below at this level will open the door towards 1272 levels. Support levels: S1-1282, S2-1272, S3-1265 Resistance levels: R1-1292, R2-1304, R3-1320


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