- The yellow metal extended its decline on Friday from previous session, losing more ground from previous day’s losses to hit fresh 8-week low on growing speculation that the Federal Reserve will press ahead with interest hikes in June.
- Gold is likely to decline further as the dollar is broadly stronger across the board ahead of Janet Yellen’s speech.
- Currently the commodity is trading at 1214 levels, it is set to decline further towards 1200 and later 1190 in the short term.
- To the upside, the strong resistance can be seen 1240, a break above this level would expose the commodity towards 1252 levels.
- To the downside immediate support can be seen at 1209, a break below at this level will open the door towards 1190 levels.
Support levels: S1-1209, S2-1190, S3-1180
Resistance levels: R1-1224, R2-1240, R3-1252
The material has been provided by InstaForex Company – www.instaforex.com