Yellow metal is testing lower levels. Short
lived bulls rally did not live up to expcectations. The metal price is under pressure amid mounting concerns of the Federal rate hike. Parallel support is seen at
1145.00 and 1140.00. Prices are falling for 9 consecutive days. Prices are
trading at a 52-week low of 1147.00. The US dollar affects the metal price. The US
dollar is likely to remain strong. The index shying at 100.00. Daily close
above 100.00 leads to 101 and 101.30. SPDR GOLD TRUST positions are likely to reduce by
2.09 tons to 7501 tonnes compared to the previous day . At the today’s Asian session, the metal is trading higher. We recommend selling below $1,147.00 with targets at $1,140.00, $1,137.00, $1,124.00, $1,120.00, $1,115.00, and $1,100.00. The physical demand is
weak as well. China’s physical buying is drying up and signalling more room for
the downside. The intraday support is found at $1150.00 and $1,147.00. Resistance
is seen at $1,161.50 and $1,167.00. The weekly resistance is set around $1,168.00.
We recommend intraday buying above $1,168.00.
Trade: selling below $1,150.00
Buying above $1,168.00.
The material has been provided by InstaForex Company – www.instaforex.com