The yellow metal was rejected at 50Dsma, a high made at $1,249.30. The metal has been making lower highs for 3 days. Today, as of now it made a low at $1,234.30, trading above previous lows. The weekly support level is at $1,221.00 levels (20Dsma). In case of a daily close below 20Dsma, the bears again take the metal into their control for a downside target at $1,217, $1,215, $1,209 and $1,200 levels. We can see panic selling below $1,217 levels. For an intraday view, the prices are well supported by 34hrsma at $1,234.00 levels. We recommend selling below $1,234 and safe selling will be triggered below $1,231 for targets at $1,227 levels. For bulls, we recommend buying only above $1,238.00 levels for targets at $1,241-$1,242, strong rising is expected only above $1,242.00 levels. In case, if the metal successfully trades above $1,242 it can fly up to $1,252 and $1,268 levels.
Selling, below $1,234, safe selling, below $1,231.
Buying, above $1,238, strong upward momentum, above $1,242.
The material has been provided by InstaForex Company - www.instaforex.com
