The strong housing data pushed the commodities like gold and crude to lower levels from the recent highs. The metal closed at the lowest level in a week after the strong US dollar. Today, ahead of the FOMC meeting, the yellow metal is trading at $1,208.50 compared to $1,207.40 Tuesday’s close. The nearest support is found at $1,205.50 rounded to $1,205.00. Intraday resistance is seen at $1,212.00, $1,217.50, and $1,223.00. The weekly resistance is seen at $1,233.00 100Wema. We advised buying above $1,200.00 again at $1,210.00 and $1,220.00 with a final target at $1,233.00 (ref: May 14th article). The metal made a high at $1,232.00 rejected at 100Wema and fell to 100Dema. Today, we expect wild moves ahead of the FOMC meeting. The level of $1,205.00 acting as trend decider because100Dema and descending trend-line is found there. At yesterday’s session, the metal pauses the 5-day winning streak. In case the key support level is taken off $1,200, the price fill reach $1,198.00 and $1,192.00 in a day or two. The metal is trading below 20Wsma $1,213.00. For bulls, safe buying will trigger above $1,212.00 at $1,217.00, $1,219.00, and $1,223.00. Risky traders can buy with sl $1,205.00 cmp $1,208.50.
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