Traders eye on the Fed's press conference. Expectations are rising daily that the Federal Reserve will raise the key interest rates earlier than expected, this fact puts pressure on the yellow metal. The metal drifted to 80.0 fib level in yesterday's session, managed to pull back from there. The metal is facing resistance at previous swing low in the weekly chart. On the down side, below $1,225, it will fall to $1,217 and $1,210 in the NT and again lower levels in the ST $1,185-1,150 levels. On the upside, the initial resistance is at $1,240, above this, $1,250 and $1,262-$1,265 levels. Until the metal closes above $1,265 on a daily basis, selling on up move will favor. Above $1,265, it can fly up to $1,285 in the NT, we are positive only above $1,265 in the NT.
For an intraday session, the metal prices managed to close above 35DEMA but facing strong resistance between 12ema and 21hrsma. The metal has support at $1,231, $1,227 and $1,225. Below $1,231, the metal looks weak and panic below $1,225 towards $1,217 and $1,210 immediately. On the upper side, it will face resistance at $1,238, above this, it can fly up to $1,240 and $1,243. Strong up move only above $1,243 towards $1,250 levels.
Sell below $1,230, panic below $1,225.
The material has been provided by InstaForex Company - www.instaforex.com
