The surprise BOJ's action and the stronger US data pushed the metal prices to a 4 -year low. The yellow metal finally closed below the multi- support monthly trend line. The previous day's close is the last trading day in the month of October. Bears managed to break below the 200Msma and a 1.5-year support trend line. The height of the symmetric triangle is 253.00, it comes to $927.00 levels. As we recommend earlier and on Friday's article as well, we still remain for our targets at $1,150.00,$1,100.00, $1,024.00, $927.00 and $850.00-$800.00. The metal has strong resistance at the broken support trend line above this, $1,188.00 200MSma and $1,212.00 200MEma. The monthly resistance exists at $1,233.00.
For the weekly view, the metal opened on a bearish note. As of now, today, the prices are unable to breach the previous week's closing price $1,172.30, just made a high at $1,171.10 levels. In Asia's session the metal made a low at $1,161.40, held the previous day's low $1,161.00. We recommend selling below $1,161.00 with new lower targets at $1,157.50 and $1,152.00. In case, if the metal falls below $1,150.00 it can extend its fall towards $1,138.00. We request traders fresh selling below $1,161.00 or selling on up move. The daily and hourly momentum indicators are at oversold levels. For an intraday view, the metal has resistance exists at 1286.00. We recommend risky buying with sl $1,161.00 with targets at $1,168.00 and $1,173.00. This view is only for speculators. On the down side, we recommend selling below $1,160.00 for targets at $1,157.50, $1,155.00, $1,152.00 and $1,150.00 levels.
Resistance:$1,186.00,$1,201.00$1,212.00
Support:$1,161.00$1,152.00$1,138.00
The material has been provided by InstaForex Company - www.instaforex.com
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