The yellow metal extended its 6-day winning streak, making higher lows and higher highs. The FOMC meeting filled the downbeat yellow metal with life. The metal is trading at a 2-week high. The metal took parallel support at $1,185.00 twice and changeв its direction. The metal took support twice at $1,185.00 at the yesterday’s session. At the yesterday’s article we recommend fresh buying only above $1,195.00 and selling below $1,185,00. Nothing changed in terms of the fundamental and technical outlook for gold. Only the US dollar is losing its strength. Today, the metal is trading on a positive bias ahead of US unemployment claims. Parallel resistance is seen at 1200.50 and 1208.00 100Dsma. Intraday support is found at $1,193.00. We recommend selling below $1,193.00 with targets at $1,185.00, $1,179.00, $1,177.50, $1,173.00, and $1,167.00 with sl $1,188.00. Weekly support is seen at $1,182.00.
Trade: buying above $1,201.00.
Selling below $1,193.00.
The material has been provided by InstaForex Company – www.instaforex.com