The yellow metal prices again pushed back to lower levels, but managed to hold a six-week low of $1197.30. After Greece got a four-month bailout extension, the metal dipped to a six-week low. Today, Greece has to provide a list of reform measures to the eurozone. Gold is likely to remain under pressure. On Tuesday and Wednesday, the Federal Reserve chair Yellen's speech is due. Investors are focused on the Fed stance of the interest rate hike. Everyone is waiting for a hint, when the benchmark interest rates will be raised. Last week, in India RBI lifted ban on gold imports. Nominated banks get permission to import gold on consignment basis. We expect the imports for February are likely to increase by 40 odd tonnes. The nearest resistance is found at $1,217.00. On a weekly closing basis, bulls must close above $1,217.00. The intraday support exists at $1,197.00 levels. In the h4 chart, the prices are closed and trading above hourly moving averages. The prices are expanding lower swings on the hourly chart. The weekly resistance is set between $1,217.00 and $1,223.00. Intraday resistance is at $1,208.00. We recommend fresh selling below $1,197.00 with the targets at $1,175.00, $1,170.00, and $1,167.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.
Resistance: $1,203.50.00, $1207.00, $1,215.00.
Support: $1,197.00 $1190.00, $1,185.00.
Selling below $1,197.00.
Buying above $1,217.00.
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