After the QE launch by the ECB, the yellow metal fell below $,1200.00 and closed below it. Previously, we pointed the trend change. The metal fell below $1,200.00 thrice and managed to close above it. It’s a good sign to recover. The metal made a high at $1,222.00 from a low at $1,190.00. Now this view has been erased. This week, the metal has twice closed below $1,200.00. Obviously, there is no hope for a pullback. Today, ahead of the important jobs report, the price is muted at the Asian session. Positive readings will influence the Federal Reserve thinking about an interest rate hike. We recommend fresh selling below $1,195.00. The price has been hovering around $1,200.00 for 10 days. Until prices close below $1,214.00, bears have the upper hand. The intraday support is found at $1,195.00 and resistance is seen at $1,204.50 and $1,209.00. The weekly 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 $1,179.00, $1,170.00, $1,167.00, and $1,150.00. We recommend fresh selling below $1,195.00 with targets at $1,190 and $1,185.00. In case, the price closes below 1190.00, we can expect 1167.00 and 1159 in the near term.
Resistance: $1,201.00, $1,209.10, $1,214.00.
Support: $1,195.00, $1,190.00, $1,185.00.
Trade: selling below $1,195.00.
The material has been provided by InstaForex Company – www.instaforex.com
After the QE launch by the ECB, the yellow metal fell below $,1200.00 and closed below it.
Previously, we pointed the trend change. The metal
fell below $1,200.00 thrice and managed to close above it. It’s a good sign to
recover. The metal made a high at $1,222.00 from a low at $1,190.00. Now this view has been
erased. This week, the metal has twice closed below $1,200.00. Obviously, there is
no hope for a pullback. Today, ahead of the important jobs report, the price is muted at the Asian
session. Positive readings will influence the Federal Reserve thinking about an
interest rate hike. We recommend fresh selling below $1,195.00. The price has been
hovering around $1,200.00 for 10 days. Until prices close below $1,214.00,
bears have the upper hand. The intraday support is found at $1,195.00 and
resistance is seen at $1,204.50 and $1,209.00. The weekly 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 $1,179.00, $1,170.00, $1,167.00, and
$1,150.00. We recommend fresh selling below $1,195.00 with targets at $1,190
and $1,185.00. In case, the price closes below 1190.00, we can expect 1167.00 and
1159 in the near term.
Resistance: $1,201.00,
$1,209.10, $1,214.00.
Support: $1,195.00,
$1,190.00, $1,185.00.
Trade: selling
below $1,195.00.
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