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Technical analysis and trading recommendations on Gold for February 09, 2015

The stronger US data pushed the yellow to a 2-week low. As per the BLS, total nonfarm payroll employment rose by 257,000 in January, and the unemployment rate was little changed to 5.7%. The improving growth prospects have lifted the US economy expectations. The Fed can raise the interest-rates from the zero levels. In the previous week, we recommended selling below $1,266.00, finally below $1,249.50 with the targets at $1,239.00 and $1,220.00. At Friday's session, the metal took support from 50Dsma and managed to closed above it. Today, the metal opened on a bullish note which is the open low strategy. We recommend fresh buying above $1,240.00 with the targets at $1,246.00 and $1,250.00. The metal favours selling on a rise, until the prices close below $1,266.00. We recommend fresh selling below $1,228.00 with the targets at $1,225.00, $1,220.00, and $1,217.00 or 100Dsma. When a daily close is below $1,217.00, bears can challenge $1,207.00, $1,204.00, and 1199.00. The weekly key support level exists at $1,216.00. Resistance: $1,239.00, $1,246.00, $1,250.00. Support: $1,228.00, $1,216.50, $1,199.00. Selling below: $1,228.00, panic will be below $1,216.00. Buying above $1,240.00, strong momentum will be above $1,265.00.

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