29.10.201401:31 Forex Analysis & Reviews: Trading recommendation on Gold for October 29, 2014

GOLD

The yellow metal gave back some of its gains in yesterday's session. We recommended buying in yesterday's session that gave good money. Traders eye today's Federal Reserve announcement. Expectations are high, the US central bank is expected to hike interest rates in 2015. In yesterday's session the metal managed to close above 20Dsma. Today in Asia's session the asset took the support at 20Dsma trading at $1,228.00 levels. On the higher side, the metal has resistance between $1,239.00 and $1,240.00 levels. In case, the metal closes above $1,240.00, we can expect some upswing in the near term. On the other side, the metal has support between $1,221.50 and $1,217.00 levels. The metal will experience panic selling below $1,217.00 levels. On the other side, we can see strong momentum only above $1,240.00 levels. For an intraday view, the metal prices have been trading below 34hrsma. Until the prices close below 34hrsma at $1,235.00, sell on every rise. We recommend buying above $1,230.00 and safe buying, only above $1,236.00 levels. The metal has resistance at $1,230.00 levels. Above this, it can go towards $1,235.00 and $1,236.00 levels. We recommend selling below $1,225.00 and safe selling, below $1,221.00 levels.

Support $1,226.00, $1,221.00, $1,217.00

Resistance $1,230.00, $1,236.00, $1,240.00