- The yellow metal rose on Wednesday after dollar was broadly sold across the board after ISM non-manufacturing PMI printed negative figures and skeptics about further interest hikes by Federal Reserves prompted investors to seek safer assets.
- Gold rose in quick succession towards 1140 levels after ISM non-manufacturing PMI data came negative before retreating back to trade around 1139 levels.
- Currently the commodity is trading at 1138 levels, it is set to advance future towards 1145 and later 1160 levels.
- To the upside, the strong resistance can be seen 1145, a break above this level would expose the commodity towards 115 levels.
- To the downside immediate support can be seen at S1-1130, a break below at this level will open the door towards 1122 levels.Recommendation: Go long around 1130 targets around 1145/1160, SL 1116Support levels: S1-1130, S2-1122, S3-1116Resistance levels: R1-1145 R2-1151, R3-1162
The material has been provided by InstaForex Company – www.instaforex.com