Swiss voters rejected the gold referendum, roughly 78% voted expanding central bank gold reserves to 20% of central bank assets. This decision affected the yellow metal. At the opening, the metal fell $24 at the early Asia's session. The metal opened on a bearish note, opened higher at $1,166.90. We recommended selling at $1,180.00 at Friday's session which gave good money. We have been recommending selling on every rise. We still recommend the same. Today, the focus shifts on the US ISM manufacturing data. A positive readings will ignite double shot strength on the US dollar. The US dollar has been already reinforced after Swiss referendum. These factors may trigger another round of selling. On the down side, the metal has support at $1,141.80 and $1,137.00; below these levels, we can expect a steep fall in the prices towards $1,132.00 and $1,103.00. In case if the prices fall below $1,100.00, we can see $1,1085.00 as well. The prices are closed and trading below 12ema and 34hrsma. It is not safe to buy, until the prices are trading below $1,169.00 levels.
