03.03.201503:51 Forex Analysis & Reviews: Technical analysis and trading recommendation for Gold for March 03, 2014

An important data this week dragged the price to the support level from a two-week high. China cut interest rates for the second time in three months. Today, traders eye Yellen's and Carney's speeches. Yellen's speech is essential. Gold prices were trading marginal higher during the Asian session on Tuesday. The parallel resistance is found between $1,222.60 and $1,224.00. Metal prices were rejected from $1,222.90 and pushed to $1,204.00. Yesterday, I said bulls would have the upper hand, until the price closes above $1,204.00. Now, the strategy has turned to bears' favour. Until prices close below $1,214.00, bears have the upper hand. The intraday support is found at $1,204.00 and resistance is seen at $1,211.00. The weekly and daily 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 $1,170.00, $1,167.00, and $1,150.00.

Resistance: $1,211.00, $1,220.00,$1,224.00.

Support: $1,204.00, $1,200.00, $1,190.00.

We recommend fresh selling below $1,204.00 with targets at $1,200.50, $1,195.00, and $1,190.00. We can expect strong momentum only above $1,224.00 towards the levels of $1,236.00, $1,245.00, and $1,255.00. Chances are remote for now.

Selling sl $1,214.00 with targets at $1,204.00, $1,200.00, $1,195.00, and $1,190.00

Safe selling below $1,204.00.

Buying above $1,214.00.