• Gold prices sharply on Thursday as Bank of Japan held off from expanding monetary stimulus, boosting the yen versus the dollar and Federal Reserve signaled that it was in no rush to tighten monetary policy.
     
  • The yellow metal started the day with bullish note, advancing up to 1254 following Bank of Japan statement and further strengthened in the US session after data showed US GDP weakened in the first quarter.
     
  • The commodity is poised to breach the resistance level located at 1267 and advance further towards upside as the dollar is weaker across the board against yellow metal.
     
  • To the upside, the strong resistance can be seen 1267, a break above this level would expose the commodity towards 1273 levels.
     
  • To the downside immediate support can be seen at 1261, a break below at this level will open the door towards 1256 levels.

    Support levels: S1-1261, S2-1256, S3-1246

    Resistance levels: R1-1267, R2-1273, R3-1279

The material has been provided by InstaForex Company – www.instaforex.com