The stronger US dollar again pushed the metal prices to lower levels. The positive impact on the expanding US economy has helped the US dollar rally. In yesterday's session, the metal opened on a bearish note and fell $30.0 closed at the lowest levels. As we recommended in our yesterday's article, my buying price was not activated, but the selling recommendation was activated and gave good money. We recommended selling at $1,167.00 with the targets at $1,158.00, below this at $1,152.00 and $1,146.00 levels. The metal made a low at $1,147.00. The near term was capped at the $1,178.50 levels. The weekly trading pattern is framed between $1,178.50 and $1,140.00. The US dollar is doing well. As a counterpart, Gold is also doing well to the downside.
Resistance: $1,178.50,$1,182.00$1,200.00
Support: $1,147.00,$1,131.00$1,102.00
For an hourly basis, the prices are closed below 35DEMA and 12ema levels. The prices have strong resistance at the $1,157.60 levels. In case if the prices breach above 12ema $1,157.50, we recommend selling at $1,158.00 with the targets at $1,161.00 and $1,164.00. Until the prices are closed below $1,166.00, use every rise to sell on intraday basis. The panic will be triggered below the $1,147.00 levels.
The material has been provided by InstaForex Company - www.instaforex.com
