The yellow metal erased half of its weekly gains in the previous week. On Friday, the US jobs data pushed the metal prices towards the South. The US data rises the bets on the Federal Reserve to raise the interest rates sooner than later. This view added some more fuel to the US dollar. The yellow metal again closed below $1,200.00. The US added 321,000 new non-farm jobs in the month of November. The actual print is 90,000 more than the forecast of 231,000. The highest gain since January 2012 and up from the previous month’s 243,000. The metal held the support at 35DEMA and managed to closed above 20Dsma. The metal has been facing strong resistance in the descending trend line on the daily chart. A daily close above this leads to relief rally towards $1,230.00. In case if the prices close above $1,212.00, we can expect $1,230.00 in the near term. But please note, the overall strategy remains selling on a rally. We recommended selling at $1,200.00 at Friday's session, it actually minted good money, a low was made at $1,185.00. We recommend fresh selling below $1,184.00 with the targets at $1,180.00, $1,172.00, and $1,170.00. On the higher side, we recommend buying only above $1,202.00 with the targets at $1,207.00 and $1,211.00. The prices are trading and closed below 35DEMA. It represents hourly bearish thoughts.
The material has been provided by InstaForex Company - www.instaforex.com
