The yellow metal lost its shine after the US data and ahead of the Federal Reserve meeting. At yesterday's session, the metal fell to a 1-week low at $1,190.50. The US dollar was ignited by the stronger industrial production data. Industrial production jumped 1.3 percent after a 0.1 percent increase in October. But the other data such as building confidence dropped 1 point in December. At yesterday's session, the metal fell below 50 and 20Dsma and closed below those levels. We have been recommending selling at $1,232.40 and still repeating the same. The metal has the nearest strong support zone at $1,188.00 and $1,185.00. Strong selling will emerge below $1,185.00. Currently, the metal is trading below $1,200.00. We recommend fresh selling below $1,188.00 and safe selling will be possible below $1,185.00. The intraday resistance exists at $1,200.00, above this at $1,218.00. The hourly resistance exists at $1,200 and $1,213.00. Until the metal trades below $1,216.00, use every rise to sell. On the down side, in case if the metal falls below $1,185.00, it can extend its fall towards $1,180, $1,175, and $1,169.00 levels.
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 16, 2014 . Thanks for your support.
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