- The yellow metal declined in the US session as rally in assets seen as higher risk, such as equities, prompted some investors to cash in gains sparked by yesterday’s dovish statement from Federal Reserve.
- The commodity is poised to breach the support level located at 1223 and fall further towards downside as the dollar is set to strengthen across the board ahead of Fridays Non-farm payrolls data.
- To the upside, the strong resistance can be seen 1071, a break above this level would expose the commodity towards 1077 levels.
- To the downside immediate support can be seen at 1237, a break below at this level will open the door towards 1244 levels.
Support levels: S1-1223, S2-1215, S3-1209
Resistance levels: R1-1237, R2-1244, R3-1260
The material has been provided by InstaForex Company – www.instaforex.com