The metal has been facing strong resistance exists at 50Dsma. In the previous session, the metal fell to 1190.00, but managed to close with marginal gains. Today, the metal opened on a bearish note, opened higher at $1,201.50. Today, the focus shifts to US durable goods orders, personal spending, and the PCE price index. The metal has strong resistance between $1,205.00 and $1,207.00. Until the metal closes below above these levels, bears have an upper hand. 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 strength, in case if the metal prices close above $1,207.00. From an Intraday view, the prices are taking support at $1,198.00, below this $1,195.90, $1,193.00, and $1,190.00 are the support levels. In the hourly chart, the metal is making higher highs and higher lows. We recommend intraday selling below $1,198.00 with the targets at $1,195.00, $1,193.00, and $1,190.00. In case if the prices correct below $1,190.00, it can extend its fall up to $1,188.00, $1,186.00, and $1,180.00. The panic will be triggered below $1,174.00.
The material has been provided by InstaForex Company - www.instaforex.com
