The yellow metal held the support at $1,204 levels and is trading at $1,219 in Asia's session. The metal made a minor double bottom at $1,204 levels; we can round it to $1,200 levels. Today the metal opened on a strong note, made a high at $1,222. The metal has parallel resistance at $1,223-$1,224, above this, $1,228.80 and $1,230.90. In case of a daily close above $1,228.80-$1,229, the weekly trend turns positive. The weekly resistance is at $1,241.60 levels.
For an intraday view, the prices are closed and trading above hourly key moving averages. The prices are consolidating in a descending rectangle, making lower lows and lower highs, representing further bearish thoughts. The metal has initial resistance at $1,223 above this, $1,224, $1,230.90, $1,234.50, and $1,241.60 levels will act as hurdles. On the down side, the metal has supports at $1,207.90, $1,206.50, and $1,204, below these, $1,200, $1,295, and $1,285-$1,280 on the chart.
The material has been provided by InstaForex Company - www.instaforex.com
