- The yellow metal rose on Monday, as the dollar edged lower on renewed oil market weakness and concerns over the global economic outlook which has raised doubts about further interest hike by Federal Reserve.
- Currently the commodity is trading at 1105 levels, it is set to advance future towards 1110 and later 1115 levels.
- To the upside, the strong resistance can be seen 1113, a break above this level would expose the commodity towards 1113 levels.
- To the downside stong support can be seen at 1100, a break below at this level will open the door towards 1097 levels.Recommendation: Go long around 1103, targets around 1110/1120, SL 1097Support levels: S1-1108 S2-1113, S3-1113Resistance levels: R1-1100 R2-1097, R3-1093
The material has been provided by InstaForex Company – www.instaforex.com