FxWirePro: Gold prices set to advance further, bullish extension till 1280 is likely

The yellow metal inched higher on Thursday as the Euro bounced back from 6 weeks low after European Central Bank signaled that further  interest rate cuts in the Eurozone is unlikely.

• The commodity is set to advance further towards higher side in the coming sessions as the demand for yellow metal is set to continue.
   
• Any downside is expected to be limited around 1236 levels ,as the support level located at 1236 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
   
• To the upside, strong resistance can be seen 1272, a break above this level would expose the commodity towards 1280 levels.
   
• To the downside immediate support can be seen at 1255, a break below at this level will open the door towards 1240 levels.
  
  Support levels: S1-1255, S2-1240, S3-1236
  
  Resistance levels: R1-1268, R2-1272, R3-1280