- The yellow surged higher on Thursday as dollar eased and equity market retreated, increasing demand for yellow metal as alternative asset.
- Gold is likely to advance further as the demand for the yellow metal is set to increase further in the coming days.
- Currently the commodity is approaching to test support level at 1254.
- To the upside, the strong resistance can be seen 1262, a break above this level would expose the commodity towards 1272 levels.
- To the downside immediate support can be seen at 1254, a break below at this level will open the door towards 1244 levels.Recommendation: Go long around 1240 with targets 1262/ 1280,SL 1226Support levels: S1-1254, S2-1244, S3-1226Resistance levels: R1-1262, R2-1272, R3-1282
The material has been provided by InstaForex Company – www.instaforex.com