Review- Stronger US data pushed the metal to the support levels. In yesterday's session, the metal hit the 100DSma, but at the end of the day it managed to close above that. As we recommended in our yesterday's article, don't buy until it trades below $1,303.50 for risky players and $1,305 for safe players. This strategy minted good money on an intraday basis.
In today's session the pair held the support of 61.8 fib level and 100DSma trading above these. On the upside, the pair has a resistance at $1,301, $1,305.50, and $1,305.50. Until the metal breaks $1,305.50, it will trade in a range between the $1,290-$1,305 levels. For an intra week basis, at a daily closure below $1,296, bears will have an upper hand.
Support $1,296 $1,290 $1,284
Resistance $1,301.50 $1,305.50 $1,310
Intraday cmp $1,299
The metal prices are closed below the key moving averages. The metal triggers a safe buy only above $1,302 for a minor up move at $1,305.50 and $1,307 initially and later $1,310. The metal has a support at the $1,297.50, $1,295, and $1,290 levels.
