FxWirePro: Gold breaks support at 1273, eyes 1250 levels
Thursday, May 5, 2016 6:09 PM UTC
- Gold slipped to its lowest levels in 1-weeks on Thursday as dollar demand increased across the board ahead of Friday’s nonfarm payroll data, putting pressure on the yellow metal which bottomed around 1272 levels.
- Currently the yellow metal is trading around 1271 levels, it is set to decline further towards downwards as the resistance at 1287 is set to hold the bulls from advancing further.
- To the upside, the immediate resistance can be seen 1273, a break above this level would expose the commodity towards 1287 levels.
- To the downside immediate support can be seen at 1263, a break below at this level will open the door towards 1255 levels.
Support levels: S1-1263, S2-1255, S3-1237
Resistance levels: R1-1273, R2-1287, R3-1301
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