Intraday trading recommendations for Gold for September 15, 2014



The yellow metal drifted to a 5-month low, trading near support zone. The metal lost its shine by rising expectations that the US Federal Reserve will raise the interest rates rather earlier than later. The metal has a minor support zone between $1,225 (80.0 fib level) and $1,217 levels. Currently in Pacific session, the metal is trading at $1,225.50 level near the support zone. We recommend fresh selling only below $1,225 or $1,217 (safe trades). Risky traders can buy using sl $1,217 at cmp $1,225.50 for an upside target at $1,231, $1,234, $1,237 and $1,240 levels. The metal has intraday resistance at $1,235, $1,239, $1,242 and $1,248. Strong up move we can see only above $1,248 on a weekly basis.

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