The yellow metal has been trading bearish. The metal is holding February's low and has moved a bit higher. On the broader view, the metal seems to weaken again only below $1,240 levels. The panic button would take place below $1,237.30 for $1,210 (200monthly EMA). Until the monthly low saves the metal, it can climb up to $1,268 (21 days EMA) and $1,280 (40days EMA) with an intermediate resistance at $1,260 levels.
Sell on the rally until it closes a week above $1,296. Sell below $1,237.70 for $1,213-$1,210 levels.
In the daily chart, the metal has been making a base at $1,240 levels. We recommended to sell only below $1,237.70 as was mentioned in our previous articles. We are using the same strategy during this week.
As far as the metals favors to buy on the dip with sl $1,237.70, the strong momentum is to take place only above $1,260 levels. Bears would regain the strength above $1,260 for $1,268, $1,279.75 and $1,288 levels.
For intraday, the metal looks weak below $1,250 levels. Traders can sell below $1,250 for $1,245 levels. It looks strong above $1,254 for $1,257, $1,260 levels.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of gold for June 09, 2014 . Thanks for your support on Technical analysis of gold for June 09, 2014
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