Again, the metal price managed to close above $1,200.00 mark at yesterday's session. The metal dropped to $1,195.00 at the Asian session but managed to closed above $1,200.00. Ahead of ADP data, the metal opened on a bullish note. The price is hovering around $1,200.00 for 8 days. This week, US nonfarm pay roll is due on Friday, which will inflience the Federal Reserve thinking about an interest rate hike. Until prices close below $1,214.00, bears have the upper hand. The intraday support is found at $1,203.00 and resistance is seen at $1,211.00 and $1,214.00. The weekly resistance is set between $1,223.00 and $1,228.00. The near-term bottom was placed at $1,190.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.
We recommend fresh selling below $1,203.00 with targets at $1,200.50, $1,195.00, and $1,190.00. We can expect intraday strong momentum only above $1,211.00 towards the levels of $1,214.00, $1,216.00, $1,220.00 and $1,222.00. We can expect another strong momentum above $1,224.00 towards the levels of $1,236.00, $1,245.00, and $1,255.00 on a weekly basis.
Resistance: $1,211.00, $1,220.00, $1,224.00.
Support: $1,204.00, $1,200.00, $1,190.00.
Trade: buying above $1,207.00.
Selling below $1,203.00.
Strong upswing momentum is only above $1,211.00. Until the price closes above $1,195.00, bulls try to hit $1,222.00 again.
Uitgevoerd door, Analytische expert
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