The metal prices bounced from the multi-support levels at $1,180 and $1,182. On the down side, in case the metal falls below $1,180, it will extend its fall to $1,175, $1,160 and $1,150. If the metal closes below $1,180, another bearish larger corrective wave will start for a downside target at $1,135, $1,100, $1,050 and $1,035 levels. This view will open only in case if the metal breaks below $1,180 levels. The probability of the US interest rates hike made gold prices to move towards 2013 lows. The metal jumped and closed above $1,200 levels in yesterday's session. The 20Dsma is at $1,220, until it closes below this, use every rise to sell.
In case of a monthly close below $1,180 on the down side, we can expect $1,100 and $1,035- pending
In today's session the metal opened on a bearish note, opened higher at $1,207 levels. On the down side the metal has initial support at $1,204, below this, $1,200 will act as physiological support. For an intraday basis the trading pattern is framed between $1,209-$1,204. In case if the metal breaks below $1,204, we recommend selling for a downside target at $1,200, $1,195, $1,193, $1,187.50 and $1,185. A free fall is likely only below $1,180 levels. In case if the metal breaks the open higher strategy and manages to trade above $1,209, we recommend buying for an upside target at $1,212, $1,213.50 and $1,215 levels.
Trade- cmp $1,206
Risky traders use sl $1,209 selling for targets at $1,204, below this, $1,200, below this, $1,195.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Short-term forecast and intraday recommendation on Gold for October 07, 2014 . Thanks for your support.
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