The stronger US dollar pushed the metal towards key support level of $1,240, then made a low at $1,243.50. Free fall is expected again below $1,240 towards $1,230 initially, later at the $1,224 and $1,210 levels. On the other side, it has resistance at $1,257.80 and above this at $1,276. Until the metal closes above $1,276, sell on every up move. Today the metal opened below the previous day close; it means that weakness is still keeping in the metal. For an intraday trading view, the metal has support at $1,243.50 or 8hr low; below this $1,240 is the game changer level. The metal is facing strong resistance between 35DEMA and $1,2ema in h4 chart at the $1,250-$1,252.50 levels. Above this, the metal can move upwards to the $1,256.60, $1,257.80, and $1,260 levels. We can see a sharp upmove only above $1,257.80 (rounded to $1,258), safe buy will be triggered only above $1,260 for the $1,265 and $1,271 levels. Until a h4 candle closes above $1,260, selling on upmove will mint the money. Fresh sell will emerge below $1,240 with immediate targets the $1,235, $1,233, and $1,230 levels.
The material has been provided by InstaForex Company - www.instaforex.com
