- The yellow metal extended its decline on Tuesday from previous session, losing more ground from previous day’s losses to hit fresh four week low as the view supported that Federal Reserve will raise interest rate in June.
- Gold is likely to decline further as the dollar is set to further strengthen across the board ahead of Fridays Fed Yellen's speech.
- To the upside, the strong resistance can be seen 1256, a break above this level would expose the commodity towards 1270 levels.
- To the downside immediate support can be seen at 1227, a break below at this level will open the door towards 1222 levels.
Support levels: S1-1227, S2-1222, S3-1209
Resistance levels: R1-1241, R2-1256, R3-1270
The material has been provided by InstaForex Company – www.instaforex.com