The yellow metal fell back from 6-week highs, and closed below the 50Dsma. In yesterday's session, the metal lost its shine due to the US strong inflation data. The metal fell below the 2-week ascending trend line and closed below that. In the daily chart, we can observe broadening top at $1,249.50 levels. The metal has support at $1,238.90 and $1,237.40. Today the metal opened on a minor bullish note, opened lower at $1,240.90 levels. On the higher side, it has resistance at $1,245 50Dsma and $1,249.50 levels. The Stochastics in the daily chart is indicating a sell signal. In the h4 chart, we can observe higher lows and higher highs. The metal surrenders to bears completely below $1,231.40, the latest higher low. For an hourly view, the initial resistance level is at $1,242.50 34hrsma, above this, $1,246.00 level and $1,249.50. We can expect strong rising only above $1,250 levels. On the other side, $1,239.50 is acting as support level, below this, $1,237-$1,236 is the last hope for bulls. We recommend selling below $1,236, with target at $1,231.50 and panic below $1,231.00 levels.
Trade-
Safe buying above $1,250.00
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 Technical analysis on Gold for October 23, 2014 . Thanks for your support.
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