The risk appetite supported the yellow metal to regain its safe haven status. The metal soared to the nearest resistance at $1,240.00. The unexpected decision of the Greek government strongly impacted on the USD on a negative side. However, China's CPI data released today again came out below expectations, this leads to bring back the US dollar as a safe haven asset. Now, the focus has shifted to the technical resistance at $1,240.00 ahead of the tomorrow’s US data. A positive readings may push automatically the metal prices towards the South.
The precious metal has intraday key level at $1,226.00. We recommend selling below $1,226.00 with the targets at $1,221.00 and $1,216.00. The intraday support exists at $1,215.00 and $1,205.00. Bulls will try hard to hold their grip, until the prices are trading above $1,205.00 and 34hrsma. The technical indicators (hourly moving averages) favor bulls.
Intraday - Key support level at $1,205.00.
Hourly - Key support level at $1,226.00.
On the daily chart, the yellow metal managed to close above 7-month descending trend line. The metal can challenge $1,255.00 in case if the prices break $1,240.00 on the higher side.
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0 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 of GOLD for December 10, 2014 . Thanks for your support.
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