The yellow metal drifted to a 9-month low at $1,204.10. As we entered into the Q4, the initial ticks are in green. If we look back to Q2, the metal drops $123 from the open price. In Q3 2013, the metal fell approximately $145 from the open price and $180 for the high price. The metal is making lower lows on the weekly chart for 9 weeks. On the down side, it has support at $1,200 and $1,195 below, further at $1,185-$1,180 and $1,150, maybe even $1,135 in the near term. The metal finally closes below 200MEma $1,212.50. Currently the same is acting as initial resistance. On the down side 200MSma or $1,185 will act as an intermediate support below this the bottom of the support line existed at $1,182-$1,180.
For an intraday view, the metal prices are closed and are trading below 12ema and 35DEMA. The metal is facing strong resistance at 35DEMA. We recommend selling on every up move. Until the price trades below $1,212.50, the selling pressure still continues. On the down side, it has support at $1,206-$1,204 below these, it will extend its fall up to $1,200 and $1,295. If the metal managed to trade above $1,212, it has an intraday resistance at $1,217.50. Use every up move to sell. We have been recommending the same from the $1,270 levels.
The material has been provided by InstaForex Company - www.instaforex.com
