Weekly view (August 25-29)
The Federal reserve is likely to hike interest rates earlier than expected. The yellow metal lost its shine, drifted to a 2-month low. The metal is trading in a verge of the 8 month old support trend line. On the down side, it has monthly support at the $1,240 levels. On the upper side, it has resistance at $1,291.50. Until the metal closes below $1,291.50, the bears will have control on a weekly basis. On the down side, it has support at $1,270, $1,266 and $1,260 is the weekly support level. On a daily basis, the metal is expected to close above $1,285 to recover its losses. If not on the downside, $1,259 is an inital open target.
Support is at $1,270, $1,266, and $1,260-$1,258.50.
Resistance is at $1,285, $1,291, and 1303.50.
Intraday cmp $1,278.30
The metal opened its session with a minor bearish note. The prices are closed and trading below $1,2ema, negative for hourly and intraday as well. The metal could face further downside move until the price closes below $1,281 (12ema). Selling on every rise will mint the money. In early Asia's session, the metal rejected exactly from 12ema in H4 chart. If the metal manages to close a candle in h4 chart above $1,281, it can fly up to $1,284 and $1,290 levels.
A daily close above the weekly trend turns to positive. - Pending
A candle closes above $1,281, hourly trading turns to positive. - Pending
Safe buy above $1,283.
The material has been provided by InstaForex Company - www.instaforex.com
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