Technical analysis and trading recommendation for Gold for March 03, 2014

A heavy data week dragged the price to the
support level from a two-week high. China cut interest rates for the
second time in three months. Today traders eye on Yellen’s speech and Carney’s speech, and Yellen’s speech is highly important. Gold prices were trading marginal higher during the Asia session on Tuesday. The parallel resistance is found between $1,222.60
and $1,224.00. Metal prices were rejected from $1,222.90 and pushed to $1,204.00. Yesterday, I said bulls will have the upper hand, until
the price closes above $1,204.00. Now, the strategy has turned in bears’ favour. Until prices close below $1,214.00, bears have the upper hand. The intraday support is
found at $1,204.00 and resistance is seen at $1,211.00. The weekly and daily
resistance is set between $1,223.00 and $1,228.00. The near-term bottom was
placed at $1,190.00. A daily close below $1,185.00 leads to $1,170.00,
$1,167.00, and $1,150.00.

Resistance: $1,211.00, $1,220.00,$1,224.00

Support: $1,204.00, $1,200.00, $1,190.00.

We recommend fresh selling below $1,204.00
with targets at $1,200.50, $1,195.00, and $1,190.00. We can expect strong momentum only above $1,224.00
towards the levels of $1,236.00, $1,245.00, and $1,255.00. Chances are
remote for now.

Selling sl $1,214.00 target $1,204.00, $1,200.00,
$1,195.00 and $1,190.00

Safe selling below $1,204.00

Buying above $1,214.00

The material has been provided by InstaForex Company – www.instaforex.com