Precious yellow metal prices have been consolidating at the crucial resistance level at $1,210.40. In case bulls take out $1,210.50, they can challenge towards $1,219.00 and $1,223.00 immediately and $1,235.00 later. The major forex currencies benefit from weak USD, but not the precious metal. The metal has been making a multiple top at the previous swing high of $1,210.00 in the four-hour chart. The metal was rejected at 100Dema again. The metal managed to close above 20 & 50Dsma. In the daily chart, bullish crossover took place. Today, at the Asian session, the metal faced resistance at 100Dema $1,209.60 and $1,212.00 100Dsma respectively. In the four-hour chart, the metal price has been making lower lows and lower highs formation. In case the price closes above $1,212.00, bulls can extend their rally towards $1,215.00, $1,223.00, and $1,229.00 in the near term. We have been recommending big moves ahead with sl $1,178.00. But the metal did not close above $1,223.00 yet. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. But, the softening USD minimizes the bearish view. It is likely to make the multiple tops between $1,208.70 and 1210.00 in the four- hour chart. We expect another upswing only above $1,212.00. The metal is trading in the multi-resistance zone between $1,208.70, a previous swing high of $1,210.00, and $1,212.00 100Dema. Intraday support is found at $1,196.00 50Dsma. We are not aggressive on buying and selling as well because the price has been consolidating in the multi- resistance zone. Strong buying momentum looms at $1,212.00 with an immediate spike towards $1,220.00 and $1,223.00. On the downside, the level of $1,196.00 acts as a support level on the closing basis. For an intraday volatility support is found at $1,194.00, $1,192.00, and $1,188.00. The selling pressure might be built below $1,196.00 and strengthen below $1,188.00. In case the price breaks below $1,188.00, bears can challenge $1,183.70 and $1,180.00. As we knew, $1,178.00 is the game-change level below $1,180.00. The hourly resistance is found between $1,206.30 double top, 1207.40 triple top and 1208.80 previous hourly top. Big spikes loom above $1,212.00. Traders can double their buying positions in case the price sustains above $1,212.00.
Buyers use sl $1,199.00 hold for $1,208.00, $1,210.00, $1,212.00, and $1,223.00 cmp $1,204.00
Selling below $1,197.00 with targets at $1,194.00, $1,190.00, and $1,188.00
