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The yellow metal pulled back to crucial support levels. Traders are waiting for today's ADP non-farm employment change, ISM non manufacturing PMI and tomorrow's ECB's action, unemployment claims.
The gold melted to a four-month low and paused its losing streak from $1,240 support levels. The metal is not getting any supporting data from the broader world. The optimistic USD is pushing gold to lower levels. Tomorrow's ECB data may push gold to new lows ($1,220/$1,217) as everyone is expecting the rate cut. The optimistic economic factor's add fuel to melt the metal.
The metal is taking support at $1,240 levels. In yesterday's session, it was unable to cross the $1,248 levels. In Asia's trading session, the metal is trading at $1,244.80 levels. We expect a new bearish wave below $1,237.70 levels and it will end at $1,231.30, $1,220 and $1,217 levels. The daily momentum oscillators are indicating oversold levels.
On the upper side, the metal looks good only above $1,248. If it crosses $1,248, then it will move up to $1,250.40, $1,256.50, $1,260 and $1,264. Until the metal trades above the $1,265 level, selling on the rallies will mint the money. On the down side, currently we are bearish only below $1,237.70 levels.
As per the above study we recommend the following.
Sell only below $1,237.50.
Buy above $1,248 for targets at $1,250.40, $1,256.50, $1,260.
Sell on the rally with sl $1,265.
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