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Technical analysis and trading recommendation on Gold for February 02, 2015

The yellow metal gained $27 after the US GDP in the fourth quarter came far below expectations. So, the actual GDP increased 2.6 percent annually in the fourth quarter of 2014 according to the "advance" estimate released by the Bureau of Economic Analysis, but the forecast stays at 3.0 percent. The gold regained its shine with the expectations of the delay in the US interest rate hike. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers to acquire gold. Today, the focus has shifted to ISM manufacturing data due in the US. At Friday's session, we recommended risky buying above $1,263.00. The metal hit a high at $1,284.30. As we gave an alert, bulls can challenge strong upward momentum, only above $1,285.50. But bulls gave up below that level. Today, at the Asian session the metal was unable to breach the previous day's high. The metal has weekly resistance at $1,303.75, above this level $1,309.00 will act as another resistance. The monthly support exists at $1,270.00 levels and 20Msma. On the hourly chart, the metal prices are trading and closing above moving averages. The metal has strong support at $1,273.00 and $1,270.00. We recommend intraday fresh buying above 1286.00 with the targets at $1,290.00, $1,292.50, and $1,297.00.

Resistance: $1,286.00 $1,297.50, $1,303.00

Support: $1,276.00, $1,270.00, $1,266.00

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