- The yellow metal has surged strongly towards 1091 levels , as persistence concerns over Chinese economy and geopolitical tensions in the Middle East has increased the demand for the yellow metal for the third straight session.
- 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 1086 levels as the support level located at 1084 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 1091, a break above this level would expose the commodity towards 1099 levels.
- To the downside strong support can be seen at 1084, a break below at this level will open the door towards 1079 levels.Recommendation: Go long around 1087, targets around 1096/1099, SL 1084Support levels: S1-1084, S2-1079, S3-1072Resistance levels: R1-1091, R2-1099, R3-1106
The material has been provided by InstaForex Company – www.instaforex.com