The weak US dollar supported the yellow metal to hold the support levels. In the recent days, the yellow metal lost its momentum affected by the strong US economic data and weaker Chinese data. At yesterday's session, the metal marginally gained ground amid concerns over Greece. The stronger US data raises hopes that the Federal reserve will raise the interest rates earlier than later. At yesterday's session, we recommend buying above $1,240.00 with the targets at $1,246.00 and $1,250.00, but the metal made a high at $1,243.30. Today, at the Asian session, the metal is unable to breach the previous day's high. We recommend fresh selling below $1,235.00 with the targets at $1,231.00, $1,228.00, $1,217.00 and 100Dsma. If a daily close is below $1,217.00, bears can challenge $1,207.00, $1,204.00, and $1,199.00. The weekly key support level exists at $1,216.00. Until the metal prices close and the metal trades below $1,266.00, use every rise to sell. Risky traders can buy above $1,244.00 with the targets at $1,246.50, $1,250.00, and $1,255.00.
Resistance: $1,239.00 $1,246.00, $1,250.00.
Support: $1,235.00, $1,228.00, $1,217.00.
Selling below $1,235.00; panic is expected below $1,228.00.
Buying above $1,244.00; strong momentum will appear above $1,265.00.
The material has been provided by InstaForex Company - www.instaforex.com
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