- Gold slipped to its lowest levels in almost 7-weeks on Thursday as the US rate hike comments from Federal Reserve central bankers sparked dollar demand across the board, putting pressure on the yellow metal which bottomed around 1217 levels.
- Currently the yellow metal is trading around 1219 levels, it is set to decline further towards downwards as the resistance at 1241 is set to hold the bulls from advancing further.
- To the upside, the immediate resistance can be seen 1256, a break above this level would expose the commodity towards 1271 levels.
- To the downside immediate support can be seen at 1211, a break below at this level will open the door towards 1194 levels.
Support levels: S1-1211, S2-1194, S3-1181
Resistance levels: R1-1226, R2-1241, R3-1256
The material has been provided by InstaForex Company – www.instaforex.com