The metal drifted to $1,217 in Asia's session. On the down side, it has support at $1,215 and $1,210. Below $1,210, another steep fall will trigger towards $1,200 and $1,185 levels. The hourly and daily momentum oscillators are indicating an extreme oversold position. We expect some pullback will be on the screen for an hourly and intraday basis. The metal has strong resistance at $1,242 and $1,259.50 levels. For the NT, until the metal closes below $1,259.50, sell on an up move. The bulls will regain the strength only above $1,260 on a closing basis.
Support $1,215 $1,185 $1,150
Resistance $1,242 $1,260 $1,285
For an intraday session, the metal is trading at $1,217. The prices are trading below the 12EMA and 35DEMA. The metal is facing strong resistance between $1,225-$1,227 (35DEMA), above these, $1,236 will act as a strong hurdle during an intraday session. Until the h4 candle closes above $1,236, sell on an up move.
Fresh selling is only below $1,215, buy above $1,227 for targets at $1,233, $1,236 and $1,240.
The material has been provided by InstaForex Company - www.instaforex.com
