Gold was hardly beaten by optimistic consumer confidence data. The released data fueled USD. The stronger US dollar covered gold with the red blanket sending it to lower levels. GDP, unemployment and pending home sales data will drive the metal towards $1,244 or $1,277 levels. The rough weather will impact the Q1 growth and we expect Q2 to be more optimistic than Q1.
On the down side, if the metal breaks the $1,259 level, sell for another bearish wave aiming at $1,244 initally and later $1,237, $1,223 and $1,213 levels. For intraday session, we are recommending to buy with strict sl $1,259 for $1,267.70, $1,269.5 and $1,273 levels. The metal must close above $1,273 to save another fall for $1,240 levels. In the H4 chart, the hourly momentum oscillators favor a pull back from the current oversold levels. In the highly bullish case we can expect $1,277, $1,278.7 and $1,284 levels (chances are remote)
The yellow metal melted to 61.8 fib level, in yesterday's session, in today's Asia's session, it hit low at $1,260.60 levels. Currently it is trading at $1,261.80 levels. Risky traders can try to buy at the cmp with strict sl at $1,259. The oversold levels saved the metal in early Wednesday's session.
The metal broke the symmetric triangle targeting at $1,244, $1,239, $1,223 and $1,213 levels. The next fall will take place below $1,259.
Recommendations- $1,261.80.
Intraday - buy with sl $1,259 for targets at $1,266, $1,267.70, $1,269.50, $1,273, $1,275 and $1,277 (above $1,273 only, next targets will be achieved).
Sell below $1,259 for targets $1,255.70, $1,252.20, $1,251.40, $1,246.80 and $1,244 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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