13.02.201505:19 Forex Analysis & Reviews: 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.