FxWirePro: Gold retreats from 13-month high, outlook remain bullish
Wednesday, March 9, 2016 3:18 PM UTC
- Gold has slipped lower on Wednesday as investors remained cautious ahead of European Central Bank Meeting on Thursday, which is expected to lower interest rate deeper into negative territory and ease monetary policy further more.
- Currently the yellow metal has retreated towards 1246 levels, it is set to rebound further towards higher levels as the resistance formed at 1240 is set to hold the bears from declining further below.
- To the upside, strong resistance can be seen 1264, a break above this level would expose the commodity towards 1272 levels.
- To the downside immediate support can be seen at 1240, a break below at this level will open the door towards 1233levels.
Support levels: S1-1240, S2-1233, S3-1220
Resistance levels: R1-1254, R2-1264, R3-1272
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