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Technical Analysis of Gold for December 16, 2014

The yellow metal lost its shine after the US data and ahead of the Federal Reserve meeting. At yesterday's session, the metal fell to a 1-week low at $1,190.50. The US dollar was ignited by the stronger industrial production data. Industrial production jumped 1.3 percent after a 0.1 percent increase in October. But the other data such as building confidence dropped 1 point in December. At yesterday's session, the metal fell below 50 and 20Dsma and closed below those levels. We have been recommending selling at $1,232.40 and still repeating the same. The metal has the nearest strong support zone at $1,188.00 and $1,185.00. Strong selling will emerge below $1,185.00. Currently, the metal is trading below $1,200.00. We recommend fresh selling below $1,188.00 and safe selling will be possible below $1,185.00. The intraday resistance exists at $1,200.00, above this at $1,218.00. The hourly resistance exists at $1,200 and $1,213.00. Until the metal trades below $1,216.00, use every rise to sell. On the down side, in case if the metal falls below $1,185.00, it can extend its fall towards $1,180, $1,175, and $1,169.00 levels.


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The material has been provided by InstaForex Company - www.instaforex.com