Technical analysis and trading recommendations on Gold for February 13, 2015

The weaker
US dollar helped the metal hold the
crucial support levels at 1217.00. The yellow metal initially
took advantage of the weaker dollar and moved to buying at $1232.60 at the end of the
day. The metal spiked after Sweden announced rate cuts below zero and a bond-buying program. The Riksbank lowered its benchmark rate to
minus 0.1% from zero and said it would buy government bonds worth 10 billion
Swedish krona ($1.2 billion). The US economy data disappointed the economists.
The US retail sales fell very sharply to 0.8% in January after a 0.9% drop in December. 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. Today, the metal opened on a bullish tone. We recommend fresh selling only below 1216.00. Gold has
strong resistance at 1246.00.

Resistance: $1,226.00,
$1,231.00, $1,245.00.

Support: $1,216.00, $1207.00, $1,199.00.

Resistance: $1.1232.00, $1239.00, $1246.00.

Selling
below $1,216.00.

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