17.11.201407:55 Forex Analysis & Reviews: Trading recommendation on Gold for November 17, 2014

The yellow metal closed marginally higher for the 2nd consecutive week. Today, at Asia's session the metal made a high at $1,193.40. Ahead of the crucial economic event, FOMC meeting minutes on Wednesday and today's industrial output data will decide the fate on the metal prices. The gold referendum taking place on November 30, 2014 in Switzerland will decide major trend changes. The overall picture favors bears. The weekly support level exists between $1,180.00 and $1,177.00. We recommend fresh selling below $1,177.00 with the targets at $1,171.00 and $1,161.00. The metal looks a bit stronger in case if the price trades above the $1,183.00 levels. In case if the metal manages to close above $1,190.00, it can challenge 1200.00, 1202.00, 1208.00, and $1,211.00. The metal has strong resistance at $1,188.00 or 200MSma and $1,212.00 or 200MEma on a weekly basis. The monthly resistance exists at $1,233.00. On an hourly basis, the metal has support at $1,182.00 levels and resistance exists at $1,194.00. Risky buyers can buy at the market price of $1,184.00, sl $1,180.00 with the targets at $1,188.00, $1,190.00, and $1,192.00. We can see strong upward momentum above $1,194.00 with a further upswing towards $1,198.00, $1,200.00, and $1,203.00. For the short term basis, gold is still favoring to downside.