The yellow metal was beaten by a strong US dollar. The recent economic data strengthened USD. Yesterday, the printed economic data were a mixed bag.

The metal is still trading below the white upper trendline (below chart) and 50-day SMA. For the last two days it is making a lower lows and lower highs pattern. In Asia's trading session, the metal is trading at $1,296.60 levels. Currently, it is taking support at $1,295 levels. The Stochstics in daily chart is giving a positive indication for an upmove to $1,300 and may be even $1,308 levels. On the upside, if the metal trades above the $1,300, it will zoom up to $1,308. Next upmove is seen to $1,320 and $1,324.60. A day close above $1,300 will give some technical strength and a daily close above $1,308 will provide a strong rally up to $1,324.68 levels. Until the pair crosses the $1,326 and $1,330.70 levels, selling on the rally is favorable for positional traders.

On the downside, if the metal breaks the $1,290.60 level, it will take immediate support at $1,288.6 and $1,284.70 levels. The metal looks weak below $1,284.70 and it will fall to $1,278.50, $1,277 below this, $1,268.70, $1,259, $1,245, $1,235, $1,213 levels.

Intraday
The metal is trading in a range between $1,297.30-$1,292.90. If the metal breaks the lower range, it will fall to $1,290.60, $1,2880.80, $1,287.70, $1,286.30 and $1,284.50. The panic button will be below $1,284 for $1,278.50-$1,277 levels. The level of $1,277 is providing sufficient support for the last few weeks, a break below this will cause another wave of selling pressure to lower levels.

The metal looks strong above $1,297.30 for $1,299.90, $1,302 and $1,306.70-$1,308 levels. Above $1,309 another round of buying is expected.