The yellow metal again ended lower at the previous session due to the strong US dollar. The core retail sales and unemployment claims are due. Any positive readings will ignite selling pressure again. In the recent days, the yellow metal lost its momentum affected by the strong US economic data and uncertainty in Greece. At yesterday's Eurogroup meeting, no agreement was made. The final agreement is expected at the nearest Eurogroup meeting next Monday. The metal fell to a month low. The stronger US data raises hope that the US Federal Reserve will lift the key interest rate earlier than later. At yesterday's session, we recommended fresh selling below $1,228.00 with the targets at $1,225.00 and $1,217.00. The metal made a low exactly at $1,216.50. But, the metal managed to close above $1,217.00. 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 is set at $1,216.00. Until the metal prices close and trade below $1,266.00, use every rise to sell. Intraday resistance exists at $1,245.00. We still recommend positional selling from $1,300.00 odd levels and $1,266.00 with the target at $1,230.00. All our targets can be achieved. Now, consider fresh selling only below $1,216.00 with the target at $1,200.00.
Resistance: $1,226.00, $1,231.00, $1,245.00.
Support: $1,216.00, $1207.00, $1,199.00.
Selling below $1,216.00.
The material has been provided by InstaForex Company - www.instaforex.com
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