As we are in the last day of this week, GOLD had huge movements after FOMC statements and Yellen’s speech last week. During this period, GOLD has rised up to 1220 level in a rush. And currently, as this article is beeing written, GOLD is moving near 1201.
During this rise, GOLD has supported 55 Hrs EMA and made retracements over this level. Then we can say, currently 1199.50 is todays support and over this point we can expect GOLD to rise more. Below this level is a signal of 1185-1175 band should be seen again.
As we are always telling in our past articles, this rise of GOLD has no support and BULLISH pressure is not as strong as it was before 2014. So during the rises, trade carefully, point the resistance levels and always use SL. Eventually GOLD will get down anyway.