The yellow metal paused in afternoon US session as the market took a breather after rally in the European session following Bank of England interest rate decision.
- The commodity has dipped towards 1265 levels, as gain in crude oil prices limited demand metals safe heaven appeal.
- Any downside is expected to be limited as the support level located at 1247 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 1270, a break above this level would expose the commodity towards 1279 levels.
- To the downside immediate support can be seen at 1262, a break below at this level will open the door towards 1254 levels.
Support levels: S1-1262, R2-1254, R3-1247
Resistance levels: R1-1270, S2-1279, S3-1283
