The metal has been testing its fate at $1,212 levels. Though the pair hit it during the intraday session, it managed to trade above it. In the monthly chart $1,212 is at 200MEma. A daily close below $1,215-$1,2$1,2, it can extend its fall to $1,200, $1,185-1,180, $1,150 and may be even $1,135 levels. Below 200MEma, the metal has support at 1,185 (200MSma). We have been recommending to sell the metal for a couple of weeks, the recommendation is the same. The near-term resistance is at $1,237, until the metal closes above $1,237 on a daily basis, the weekly trend favors selling on an upmove. On the down side for the weekly basis, the metal is holding support between $1,215-$1,212 levels.
A monthly close below $1,212, gates are open for $1,185-$1,150-$1,135- pending
For an intraday basis, the metal has been facing strong resistance at hourly key moving averages at $1,219, above this only, the metal looks safe to buy on an hourly basis for a target at $1,224, $1,230 and $1,234 levels. On the down side, it has support at $1,215-$1,212, we recommend only selling below this. Today, as of now, buy above $1,219-$1,220.
Buy above $1,219-$1,220.
The material has been provided by InstaForex Company - www.instaforex.com
