The US jobs data and ISM manufacturing PMI disappointed markets again. We forecasted that yesterday. The metal found support from 20Dsma and ran towards the crucial resistance zone. The last upswing helped the metal hit a high of $1,219.30, rejected at 50Dsma. Now, the same moving average falls to $1,211.50. In case the metal closes above $1,212.00, we can expect $1,221.00, $1,230.00, $1,235.00, and $1,244.00. In the extreme case, we can expect 1300.00 as well. This is too early to recommend 1300.00, as a breakout is not given on the higher side. We will re-analyze the chart in case the break takes place. At yesterday's session, we requested traders to buy above $1,194.00 with targets at $1,199.00 and $1,202.00 in case of disappointing ADP data. The metal moved above our targets. Bulls need to close above $1,212.00 to confirm a big move ahead. Intraday support is seen at $1,190.00 and weekly support is likely to be found at $1,175.00. Today, traders eye on data about unemployment claims. For 3 months data gave a big thumb up to the USD. Another positive reading is likely to hammer the metal price. We would recommend selling below 1199.00 with targets at $1,192.00 and $1,190.00. Below $1,190.00, the lower targets are seen at $1,185.00 and $1,180.00. In case of negative reading, we are going to recommend buying above $1,205.00 with targets at $1,208.00, $1,211.00, $1,213.00, $1,219.00, and $1,222.00. We expect a big move above $1,223.00. Until the metal closes above 1178.00 on the higher side, it can knock at $1,255.00 during the next week. Ahead of big events coming up today, the metal is trading on the support levels. Bulls must close above $1,223.00 to knock 1300.00.
Trade: Buying above $1,205.00
Selling below $1,199.00
The material has been provided by InstaForex Company - www.instaforex.com
