- Gold strongly claimed higher breaking the psychological barrier of 1100 levels for the first time in 9-weeks on Thursday after dollar weakened and the market volatility increased as the worries about the Chinese economy hit global stocks.
- The commodity is poised to trade in higher range in the coming sessions as the demand for yellow metal is set to continue.
- Any downside is expected to be limited around 1097 levels as the support level located at 1094 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
- To the upside, the strong resistance can be seen 1106, a break above this level would expose the commodity towards 1111 levels.
- To the downside strong support can be seen at 1094, a break below at this level will open the door towards1083levels.Recommendation: Go long around 1100, targets around 1110/1115, SL 1094Support levels: S1-1094, S2-1083, S3-1072Resistance levels: R1-1106, R2-1111, R3-1119
The material has been provided by InstaForex Company – www.instaforex.com