At yesterday's session, the metal fell to $1,190.50, but managed to close above $1,200.00. The metal fell below $1,200.00 thrice and managed to close above it. It's a good sign. Yellen suggests the first rate hike may not happen before the second half of the year. The US consumer confidence index declined in February after increasing in January. The Index now stands at 96.4, down from 103.8 in January. The yellow metal is hovering at a seven-week low at $1,200.00. In India RBI lifted a ban on gold imports. Nominated banks get permission to import gold on a consignment basis. We expect the imports for February to increase by 40 odd tonnes. On a weekly closing basis, bulls must close above $1,217.00. The intraday support exists at $1,196.00. The weekly resistance is set between $1,217.00 and $1,223.00. Intraday resistance is at $1,210.00. We recommend fresh buying above 1210.00 with the targets at 1212.00, 1215.00, and 1217.00. Besides, we recommend fresh selling below $1,196.00 with the targets at $1,190.00, $1,185.00, and $1,180.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.
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