The metal took parallel support at the July 2013 low of $1,207.90 and managed to trade above that. The metal hit 200MEma on an intraday basis, but managed to pull back. The metal has a resistance zone between $1,240-$1,242 levels. On the down side, the metal has support below $1,207.90 at $1,200, $1,188-$1,185 and $1,150 levels, maybe even $1,120 levels. Until the metal closes above $1,242, sell on an upmove towards the lower targets. A monthly close below $1,212, the weakness adds the pressure to drive lower levels.
Support $1,207.90 $1,185-$1,180 $1,150
Resistance $1,242 $1,249 $1,262
For an intraday level, the prices closed below 34hrsma ($1,224.50) and are holding 21hrsma ($1,219.50), below this, it can fall to $1,215.50 levels. For an hourly trading view gold looks weak below $1,215, panic is expected below $1,207, and the metal looks strong above $1,226 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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