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Today traders eye Yellen's speech. Federal Reserve Chair Janet Yellen may clarify the US central bank's view on starting interest rate hikes. On Tuesday, Fed Chair Janet Yellen is expected to hold a video conference in Atlanta. Dr. Yellen is scheduled to present her opening remarks by video conference to the Financial Markets Conference in Georgia tomorrow and deliver a speech on monetary policy and the economic recovery on Wednesday in New York.
Technical view-
In the Asia's trading session, the metal is trading at $1,323 levels. It breaks the 200EMA level and trading below that level, witnessing sort of selling pressure. Currently, the metal is trading in the range between $1,327-$1,316 levels on a positional basis. The weekly support exists at $1,310 and $1,300 levels. During this week, we expect the pair will trade between $1,315-$1,335. Once the metal breaks the $1,335 level, it will fly immediately towards $1,342. On the down side the metal breaks the $1,315 level, it will drop up to $1,315, $1,300, below this, $1,295, $1,291, $1,285, and $1,277 levels. If this week is closed above the $1,335 levels, the bulls can make more legs towards $1,342, $1,347, and $1,359 levels next week.
In the near term, the metal extends its leg almost to the overbought level. RSI is indicating the sell mode and it gave a early indication of support break down in the H4 chart. For intraday perspective, the metal is reaching its support level of $1,318 and $1,316 is the support level. Once the pair breaks this, we can see a free fall to $1,312 and $1,307 levels.
In yesterday's article we recommended a sell call below $1,324 for targets at $1,320 and $1,315 with intermediate support at $1,318. We are still recommending the same until the metal crosses the $1,327 levels. The level of $1,318 will act as the trend decider level for today's trading perspective. It is the key level to watch for both bulls and bears. Once the pair breaks this level of $1,318, immediately we will see $1,313-$1,312 and $1,307 on an intraday and STBT basis. If the level of $1,318 holds, we expect it will pull back to $1,325-$1,326 levels. Sellers can short there again with sl at $1,327. If any positive flow to this metal, don't hold shorts; above the level of $1,327, it will fly up to $1,334 and $1,342. For the rest of this week, selling on rally is the best strategy.
Recommendations-
1. Sell below $1,317 for targets at $1,313-$1,312, $1,310, and $1,307.
2. Buy above $1,328 for targets at $1,334 and $1,342.
Adopt a strategy and trade safe.
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