After a big gain, the metal faced resistance at $1,240.00. The metal made a double top at $1,237.90 and corrected a bit at yesterday's session. Ahead of the U.S. Federal Reserve's meeting next week, the metal is looking mildly strong. The Federal Open Market Committee will undertake a monetary policy review at a 2-day meeting next week on 16-17 December, 2014. The policy meeting will be keenly watched for any hints on the timing of the interest rates hike. Today, the focus has shifted to retail sales, core retail sales, and unemployment data. Today, the pair held the previous low and is trading in the marginal green. Gold has immediate resistance at $1,235.00, above this $1,237.90 and $1,240.00 will act as strong resistance levels. The safe buying will trigger above $1,240.00. The metal prices are taking support at $1,223.00 and $1,220.00. We recommend risk selling below $1,223.00 and safe selling below $1,220.00. In case if the prices fall below $1,220.00, we can expect panic towards $1,213.00 and $1,209.00. The hourly trading view still favours bears. The prices are trading and closed below 35DEMA on the H1 chart. In case if the prices close below $1,209.00, then bears will hold their grip towards $1,200.00. The trading pattern is framed between $1,237.90 and $1,224.30. Breakout of any side will provide further room to trade.
Strong momentum only above $1,240.00.
Double top is at $1,237.90.
Panic selling is below $1,209.00.
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