The yellow metal dropped to a 1-month low, rebounded from a lower level. The metal has a minor support at $1,229, below this, $1,225 is the key trigger for another free fall towards $1,215-$1,210 in the NT and $1,185-$1,150 in the ST. Traders eye on the Fed's statement regarding the US interest rate hike. On the upside, the metal is facing strong resistance at $1,242 levels, above this, it can fly up to $1,250, $1,258 and $1,262.50. A daily close above $1,262.50, the bulls will regain the strength in the NT, until selling on every up move mints the money.
Resistance $1,242 $1,250 $1,262.50
Support $1,229 $1,225 $1,215
For an intraday basis, the metal has been facing strong resistance at 34hrsma ($1,241.60). The metal has support at $1,230.50-$1,230.0 level 35DEMA. We recommend selling below $1,230 for an immediate target of $1,227 and $1,225, panic is expected below this towards $1,220, $1,217.50, $1,215 and $1,210 levels. Above $1,242, buyers can have an upper hand towards $1,244.50 and $1,250 levels.
The material has been provided by InstaForex Company - www.instaforex.com
