Technical Analysis of Gold for November 18, 2014 Market Analysis Review

The yellow metal was rejected at 20Dsma and closed below that in yesterday's session. The US dollar gained momentum after Japan had entered into recession. Today, traders are turning attention to the US CPI data. Any positive readings are likely to put pressure on the yellow metal towards $1,178.00, $1,173.00, $1,162.00, and $1,146.00. Ahead of the crucial economic event, FOMC meeting minutes on Wednesday, the metal is trading in a tight range between $1,193.40 and $1,181.00. From an intraday view, as of now the metal has made higher lows and high swings. The panic will be triggered below $1,161.00 with the target at $1,148.00 and $1,145.80. In case if the metal falls below $1,145.80, it can extend its decline up to $1,131.70, $1,120, and $1,113.00. In case if the metal manages to close above $1,190.00, it can challenge $1,200.00, $1,202.00, $1,208.00, and $1,211.00. The metal has strong resistance at $1,188.00 or 200MSma and $1,212.00 or 200MEma on a weekly basis. The monthly resistance exists at $1,233.00. For an hourly basis, the metal has support at $1,182.00 levels and resistance exists at $1,194.00.

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