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Technical analysis and trading recommendations on Gold for February 11, 2015

The yellow metal again ended lower at the previous session amid the strong US dollar. Today, the focus has shifted to the Eurogroup meeting. In the recent days, the yellow metal lost its momentum following the strong US economic data and weaker Chinese data. The same repeated again at the previous session. The stronger US data gives hope that the US Federal Reserve will raise the interest rates earlier than later. The metal has been taken support between $1,230.00 and $1,228.00. We recommend fresh selling below $1,228.00 with the targets at $1,225.00 and $1,217.00. If a daily close is below $1,217.00, bears can challenge $1,207.00, $1,204.00, and $1,199.00. The weekly key support level exists at $1,216.00. Until the prices close and the metal trades below $1,266.00, use every rise to sell. Intraday resistance is set at 1252.00. In case, if the prices manage to breach above 1252.00, bulls can challenge 1255.00, 1264.00, and 1266.00.

Resistance: $1,240.00 $1,246.00, $1,252.00.

Support: $1,228.00 $1220.00, $1,217.00.

Selling below $1,228.00.

Buying above $1,240.00, strong momentum is above $1,252.00.

Risky traders can try with sl $1,230.00.

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