The weaker dollar gave additional strength to the yellow metal prices. The metal gained $15 in yesterday’s trade, but was rejected at 200Hrema. Today, the metal opened on a bearish note. On the down side, the metal has support at $1,184.00 and $1,181.00. We expect selling pressure will be triggered below $1,181.00 with the target at $1,178.50. Below $1,178.50, we can expect panic selling below the $1,178.00 levels. The metal has strong resistance at $1,212.00 or 200MEma on a weekly basis. The monthly resistance exists at $1,233.00. Today ahead of BOJ press conference and the FOMC meeting minutes, the metal is trading on a bearish note. From an hourly view, the metal is holding 12ema levels, below this $1,187.00 is the key support level. In case if the price falls below $1,187.00, it can extend its fall to $1,181.00 and $1,175.00. The prices are closed and trading below hourly key moving averages. We recommend fresh buying above $1,198.00 with the targets at 1200.00, 1202.00, 1204.00, and 1206.00. Above 1207.00, it can challenge 1212.00 and 1216.00 levels. Risky traders can sell below $1,190.00 levels.
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