The yellow metal was under pressure of the strong US data in yesterday's session. Today the focus has shifted to US ADP non-farm unemployment change data, ISM non-manufacturing PMI and ECB press conference. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. In case, if the US posts positive readings again the yellow metal has to go to the south levels again. The metal has resistance at $1,202.50. We recommend risky buying above $1,200.50 and safe buying at $1,203.00 for targets at $1,207.00 levels. The metal has intraday support at $1,191.00 and $1,188.00 levels. We can see kind of selling pressure below $1,1880.00 up to $1,182.00, $1,180.00 and $1,172.00 levels. Overall the yellow metal future is not that bright. In yesterday's session our selling recommendation gave good money. The weekly resistance exists at $1,236.00, above this, $1,255.00 will come to existence. The monthly resistance level exists at $1,275.00 levels.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for December 03, 2014 . Thanks for your support.
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