The weak dollar pushed the yellow metal above $1,200.00 and managed to close above this. The yellow metal is still trading in a tight range and hovering around $1,200.00. We can observe a flag pattern on the daily and hourly charts. For a speculative view, we recommend selling below $1,199.00 with the targets at $1,195.00 and $1,191.00. The selling pressure will weigh the metal in case if the metal falls below $1,191.00 towards $1,186.00 and 20Dsma. The metal has been facing strong resistance on the descending trend line on the daily chart. A daily close above this leads to relief rally towards $1,230.00. In case if the prices close above $1,212.00, we can expect $1,230.00 in the near term. But please note, the complete picture remains selling on rallies. The stronger US dollar will weigh the metal prices. The longer-term picture still favours selling side.
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