The stronger US dollar pushed the yellow metal’s prices down to a 4-month low. After Friday’s US jobs data, the yellow metal fell 2.5% and is still extending its lows. The US dollar is going on its upswing towards the 100 mark. Every day, hopes are reinforcing that US Federal Reserve will lift interest rates earlier. The physical demand is weak as well. China’s physical buying is drying up and signalling more room for the downside. A stronger USD capped the precious metal. The US Federal Reserve is leaning in favor of the sooner interest rates hike. Until prices close below $1,200.00, bears have the upper hand. The intraday support is found at $1,161.00 and resistance is seen at $1,165.00 and $1,170.00. The weekly resistance is set between $1,184.00. We recommend intraday buying above $1,165.00, safe buying above $1,170.00 with targets at $1,170.00 and $1,175.00
Resistance: $1,175.00, $1,179.10, $1,187.00.
Support: $1,163.00, $1,155.00, $1,150.00.
Trade: selling below $1,161.00. Buying above $1,165.00.
The material has been provided by InstaForex Company – www.instaforex.com