The metal was unable to breach the resistance at $1,242, again moving to lower levels to its near-term targets at $1,210, $1,200, $1,190, $1,185 and even $1,150 levels. We have been recommending selling on every up move from $1,276 levels. The metal has strong resistance at 20Dsma $1,256.60; until it closes below this, selling on an up move will mint the money. In a monthly timeframe, the metal was rejected twice at 20Dsma.
For an intraday veiw, the metal is trading at $1,223.50 levels. The prices are below 12ema and 34hrsma, representing further bullishness. The metal has last support at $1,223, below this, weakness is expected again towards $1,218 and $1,215.50, below these, $1,210 and $1,200 levels. The metal has resistance at $1,226, $1,229 and $1,232.
Fresh safe buying only above $1,232.
Safe selling only below $1,215.
The material has been provided by InstaForex Company - www.instaforex.com
