GOLD
The yellow metal is supported by the weak US data. The retail sales reading printed positive bias but below the expectations that made USD weaker. The metal changed its direction from $1,183.70 but rejected at $1,200.00 and 50 Dsma $1,199.50 again. At yesterday's session, the metal fell below the 20dsma, but at the end of the day managed to close slightly above that. Today, at the Asian session, the metal has faced resistance at 20dsma $1,195.00 again. Strong resistance is found at $1,199.00. In the four-hour chart, the metal price has been making lower lows and lower high's formation. Until the price closes below $1,200.00, bears will try to move below $1,180.00 and $1,178.00. The trend-change level is found at $1,178.00. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. But, softening USD is minimizing the bearish view on the metal. For an intraday session, we recommend buying above $1,196.00 with targets at $1,199.00, $1,201.00, $1,206.00, and $1,210.00. On the downside, we recommend selling below $1,188.00 with targets at $1,183.00 and $1,180.00. The panic will be triggered below $1,178.00. At Monday's session, we recommended selling below $1,198.00 with targets $1,195.00, $1,192.00, $1,190.00. The metal has finally made a low at $1,183.00. We still have 3 trading sessions in this week. Traders can keep eye on $1,178.00 on the downside and $1,200.00 on the upside. Today, bulls must close above $1,200.00 and $1,210.00 on a weekly basis.
Trade: Selling below $1,180.00 buying above $1,196.00
The material has been provided by InstaForex Company - www.instaforex.com
