Gold extended its losses for 3 consecutive days. At yesterday's session, the metal found support at 20Dsma, $1,175.50. Parallel resistance is seen at $1,190.40. At the Asian session, the metal made a high of $1,188.20. Intraday support is seen at $1,181.00 and weekly support is likely to be found at $1,175.00. At yesterday's session, the USD index rebounded on the back of strong US data. The Conference Board Consumer Confidence Index, which improved in March compared to its decline in February. Now, the Index stands at 101.3 up from 98.8 in February. Today, traders eye on the ADP non-farm employment change, ISM manufacturing PMI, and FOMC member WilliamDudley's speech. ADP data and ISM manufacturing data were weak in February and March. Ahead of big events coming up today and tomorrow, the metal is trading on the support levels. Bulls must close above $1,194.00 to regain the strength. This is a short-trading week. For an intraday session, we recommend selling below $1,175.00 with targets at $1,172.00, $1,170.00, $1,168.00, $1,164.00, and $1,160.00. In case of disappointing ADP data, we request traders to buy above $1,194.00 with targets at $1,199.00 and $1,202.00. In the hourly chart, lower lows and lower highs formation is expanding.
Trade:
Selling below $1,175.00
The material has been provided by InstaForex Company - www.instaforex.com
