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The major forex currencies benefits from the USD weakness, but not the precious metal. The metal has been making a multiple top at the previous swing high of $1,210.00 in the four-hour chart. At yesterday's session, the US readings were published in negative bias. But the Philly Fed Manufacturing index gave a positive reading, which hurt metal prices. The gold edged lower from $1,208.80 multi-hour top. The metal was rejected at 100Dema again. The metal managed to close at 50Dsma. Today, the metal found support at 50Dsma $1,196.00 at the Asian session. The metal has been facing resistance between $1,210.00 and $1,212.00 respectively. In the four-hour chart, the metal price has been making lower lows and lower highs formation. In case the price closes above $1,212.00, bulls can extend their rally towards $1,215.00, $1,223.00, and $1,229.00 in the near term. We have been recommending big moves ahead with sl $1,178.00. But the metal did not close above $1,223.00 yet. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. But, the softening USD minimizes the bearish view. It is likely to make the double top at $1,208.70 in the four- hour chart. We expect another upswing only above $1,212.00. The metal is trading in the multi-resistance zone between $1,208.70 and $1,210.00 previous swing high, and $1,212.00 100Dema. Intraday support is found at $1,196.00. We are not aggressive on buying and selling as well because the price has been consolidating in the multi- resistance zone. Strong buying momentum looms at $1,212.00 with an immediate spike towards $1,220.00 and $1,223.00. On the down side, the level of $1,196.00 acts as support level on the closing basis. For an intraday volatility support is found at $1,194.00, $1,192.00, and $1,188.00. The selling pressure might be built below $1,196.00 and strengthen below $1,188.00. In case the price breaks below $1,188.00, bears can challenge $1,183.70 and $1,180.00. As we knew, $1,178.00 is the game-change level below $1,180.00. The hourly resistance is found at $1,202.00. We recommend speculative buying above $1,202.00 with targets at $1,208.00 and $1,210.00. Big spikes loom above $1,210.00. Traders can double their buying positions in case the price sustains above $1,210.00.
Trade: Buying above $1,207.50, selling below $1,198.00
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