The yellow metal is facing strong resistance at $1,200.00. In yesterday’s session, the metal rejected at $1,200.00 level and closed below that. Today, the metal opened on a bearish note, opened higher at $1,198.60. The metal has strong resistance between $1,205.00 and $1,207.00. Until the metal closes below these levels, bears have an upper hand. The metal was supported by China rate cut decision. This week, we can expect high volatility in the metal prices. The Swiss gold referendum will take place on November 30, 2014. The nearest weekly resistance exists at $1,213.50, above this $1,240 and $1,243.00 are the major resistance levels. Bulls will regain the strength, in case if the metal prices close above $1,207.00. Today, the focus shifts to US consumer confidence and GDP data.
From an intraday view, the prices are taking support at $1,295.50, below this $1,294.00 and $1,192.50 are the support levels. In the hourly chart, the metal is making higher highs and higher lows. The panic will be triggered below $1,174.00. After Fisher’s inflation comments, gold started falling. We recommend intraday selling below $1,192.00 with the targets at $1,189.50, $1,186.40, $1,184.60, and $1,180.00 levels.
The material has been provided by InstaForex Company – www.instaforex.com