The yellow metal is hovering at a seven-week low at $1,200.00. Today, Greece has to submit a list of reforms to the Euro group. Gold is likely to remain under pressure. On Tuesday and Wednesday, the Federal Reserve Chair Yellen's speech is due. Investors focus is shifted to the Fed stance about the interest rate hike. Everyone is waiting for a hint, when the benchmark interest rates will be raised. Any hints of the optimism will push the metal prices to lower levels. At yesterday's session, the metal fell to $1,190.50, but managed to close above $1,200.00. The metal fell below $1,200.00 thrice and managed to close above it. It's a good sign. In India RBI lifted a ban on gold imports. Nominated banks get permission to import gold on a consignment basis. We expect the imports for February to increase by 40 odd tonnes. On a weekly closing basis, bulls must close above $1,217.00. The intraday support exists at $1,198.00. The weekly resistance is set between $1,217.00 and $1,223.00. Intraday resistance is at $1,211.00. We recommend fresh selling below $1,197.00 with the targets at $1,190.00, $1,185.00, and $1,180.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.
Resistance: $1,205.00, $1,210.00, $1,217.00
Support: $1,197.00 $1,190.00, $1,185.00.
Selling below $1,197.00.
Buying above $1,205.00.
