- Gold rose on Monday to hit two-week high, holding steady after Federal Reserve chair Janet Yellen said she still expected gradual U.S. rate increases.
- Yellow metal reached session high at 1247, but failed to advance further as the metal retreated back slightly to trade at 1244 levels in the late US session.
- The commodity is set to advance further towards 1275 and 1285 in the short term as the dollar is weaker across the board against the yellow metal.
- To the upside, the strong resistance can be seen 1247, a break above this level would expose the commodity towards 1260 levels.
- To the downside immediate support can be seen at 1233, a break below at this level will open the door towards 1212 levels.
Support levels: S1-1233, S2-1212, S3-1189
Resistance levels: R1-1247, R2-1260, R3-1277
The material has been provided by InstaForex Company – www.instaforex.com