The yellow metal prices tumbled to 4-year lows. The strong US private sector jobs data and the Republican victory pushed the metal to new lows. Now the focus shifts to Friday's non-farm payroll data. A positive reading will put pressure on the metal's prices again, towards $1,100.00 or even lower. The metal is down 2% in an intraday session. This is the fourth sell with a pause of 2 days in a week. In yesterday's session again we recommended selling at $1,168.50 and safe selling below $1,160.0 for targets at $1,138.00, it exactly made a low at $1,137.50 levels. 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. As we recommend earlier, again last Friday, this Monday and again in yesterday'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 in the longer-term view.
Resistance: $1,174.50, $1,182.00, $1,200.00
Support: $1,137.00, $1,120.00, $1,102.00
Today the metal opened on a open=low formula. For an hourly basis, the prices are closed above 35DEMA, but facing strong resistance at 12ema levels. The prices have strong resistance between $1,150.00 and $1,155.00 levels, above these, $1,173.00 and $1,177.50 levels. Use every rise to sell. These are valid for the next 48 hours. We recommend fresh selling below $1,137.00 for targets at $1,118.00.
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