Geo-political tensions pushed traders towards safe heaven bet like Gold. Air strikes in Yemen by Saudi Arabia and its Gulf Arab allies flared fears in the Middle East. The demand for gold resulted in a sudden spike in the metal price. The metal rallied towards $1,219.00, but it was unable to retain spikes. Finally, the metal managed to closed above the level of $1,200.00. The yellow metal extended its 7-day winning streak, making higher lows and higher highs. The metal is trading at a 2-week high. It took parallel support at $1,185.00 twice and changed its direction. Parallel resistance was faced at $1,222.00 and $1,220.00 50dsma. Today, the metal opened on a bearish note, trading around $1,200.00 at the Asian session. We recommended buying above 1195.00 on Wednesday and above $1,201.00 at yesterday’s session. The trading pattern is framed between $1,222.00 and 1185.00. We will get clear direction, once price closes above or below either. Intraday resistance is seen at $1,207.00. Intraday view favours to bears. Support is found at $1,199.00, $1,194, and $1,189.00. We recommend selling below $1,199.00 with targets at $1,195.00, $1,189.00, and $1,186.00. The panic will be triggered below $1,185.00. Today, traders eye on the US GDP q/q and Yellen’s speech.
Trade: buying above $1,207.00.
Selling below $1,199.00, panic below $1,185.00.
The material has been provided by InstaForex Company – www.instaforex.com