Strong dollar pushes gold towards lower levels. Consumer confident index improved to 80.7 from 77.5 in December and rumours spreading the Fed going to cut its stimulus program. In the daily chart oscillators is in the sell mode. Gold rally to high of $1,280, a 2-month high. Chinese traders were not actively participating in this week due to Chinese Lunar Year. Now the focus shifted sharply on the US Fed meeting today. It is widely expected to cut its quantitative easing program. If it happens, gold will fall further to $1,220 and $1,195. In abnormal cases if it does not do so, gold prices will spike to new higher levels at $1,295 and $1,330. We favour to sales on every raise. In Asia's trading session yellow metal is trading at the level of $1,252 holding yesterday's low of $1,248.70. The yellow metal is trading in a tight range of $1,245-$1,255.
Support: $1,245, $1,235, $1,230, $1,218, $1,184.
Resistance: $1,255, $1,259, $1,268, $1,280, $1,293.
Upside momentum only if trades are above $1,256.
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