The stronger US data hit the metal's price towards a 2-month low. The August Manufacturing PMI jumped to 59 from 57.1 in July. Finally the metal hit the triangle in the weekly chart. By the end of the week, if it closes outside the triangle in the near term, we can see the $1,240 level. In yesterday's fall, the metal held the support at the 61.8 fib level in the weekly chart. On the down side, it has a support zone between $1,262-$1,258.50 below this steep fall up to $1,250, $1,247, and $1,240 in the near term. On the higher side, it has resistance at $1,291 (50Wsma) until the metal closes below this on a weekly basis. Selling on the rise will mint the money.
Support is at $1,262, $1,258.50, and $1,250.
Resistance is at $1,285, $1,291, and $1,294.
Intraday cmp $1,264.90
The metal prices are closed and trading below the key hourly moving averages - 12ema and 35DEMA. Until the price trades below $1,283, selling on every move will mint the money. On the down side, $1,250 is an inital target, until the price trades below the base of the triangle at $1,273.
The material has been provided by InstaForex Company - www.instaforex.com
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