Gold slumped below $1200 on growing expectations of interest rate hike and strong dollar
Gold futures dive below $1200 on COMEX first time since February 2016 after Fed Chair Janet Yellen signaled an interest rate hike very soon in upcoming months. U.S. dollar also lifted to highest levels against other major currencies which also weighs on yellow metal. Gold prices declined nearly 3 percent in the previous week and now trading at support levels.
The next support level for gold in COMEX is $1183 and resistance for gold is $1217. A bounce in prices is expected from this support level and prices may gain in the next two to three trading sessions. Silver prices also sheds in influence of Gold and currently trading near $16 a troy ounce.
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