- The yellow metal has declined after Federal Reserve announced its first rate hike yesterday. Gold in yesterday’s US session initially rose towards 1070 but after the rate hike announcement slipped downwards to hit low at 1061 levels.
- Currently the commodity has broken support level located at 1065 and is moving downwards to test next support level located at 1057.
- To the upside, the strong resistance can be seen 1065, a break above this level would expose the commodity towards 1071 levels.
- To the downside immediate support can be seen at 1057, a break below at this level will open the door towards 1052 levels.Recommendation: Go short around 1064, targets around 1057/1050, SL 1080Support levels: S1-1057, S2-1052, S3-1046Resistance levels: R1-1065, R2-1071, R3-1077
The material has been provided by InstaForex Company – www.instaforex.com