After the FOMC meeting minutes and weak US data, the metal managed to rebound from its 4-month lows.
Gold bulls managed to hold mild gains for 3 consecutive sessions.
On a closing basis, the level of $1,155.00 acts as the key level to watch. On the down side, $1,151.00 acts as multi-support level. In all time frames, the precious metal lost all the moving averages. On the higher side, $1,165.00 and $1,175.00 act as strong resistance levels to watch. A daily close above $1,175.00 lighten the bullish views. The parallel support is found at $1,142.50.
A daily close below $1,148.00 opens gates to retest previous lows of $1,142.50 and $1,135.00 initially and is likely to extend further later. The metal has been trading in a tight range between 1175.00 and 1156.90.
According to the world gold council, Turkey reported 6% of global consumer demand. The Ramadan will end on July 16th. It's a culture in the Turkey after the Ramadan, people willing to buy gold in the account of Seker Bayrami festival also known as the sugar Feast. We expect mild physical buying in these days.
Intraday support is found at $1,160.00 and $1,156.90. Intraday resistance is seen at $1,165.50, and $1,165.60. Buying is likely to accelerate above $1,168.00 towards $1,175.00. The real bullish strength is expected to be seen above $1,176.00. On the down side, selling is available below $1,156.00 with targets at $1,154.00, $1,151.00, and $1,148.00. Safe selling will be triggered below $1,146.00 towards $1,143.00. Panic is likely to be triggered below $1,142.00.
The material has been provided by InstaForex Company – www.instaforex.com