The yellow metal was rejected at the 61.8 fib level and
50Dsma, fell below 20Dsma and closed below that. Until the prices close above $1,197.00, bears have an upper hand. The rate hike debate is still active forcing
the metal prices to fall. Swiss referendum at the end of November will show
immediate impact on gold prices. A yes vote will ignite the bullish run in the short
term, but chances are remote. Today, ahead of China PMI data the metal is
trading on a bearish note and below 20Dsma at the Asian session. At the evening
session, the CPI data and US unemployment claims data will drive the metal
prices. Currently, the metal is trading above $1,180.00 after the Federal
minutes. From an intraday view, the metal
has support at $1,180.00, below this at $1,175.00 and $1,173.00. The selling
pressure will be triggered below $1,180.00; panic will emerge below $1,173.00 towards $1,168.00,
$1,160.00, and $1,158.00. We can expect steep fall below $1,146.00. On the
upside, resistance exists at $1,191.00, $1,197.00, and 1204.00. The hourly
trading pattern is framed between $1,190.00 and $1,180.00. As of now
today, on the h4 chart the prices are making higher lows and higher highs.
Buying above $1,190.00.
Selling below $1,180.00, safe selling below $1,179.00.
The material has been provided by InstaForex Company – www.instaforex.com