The yellow metal was rejected at the 61.8 fib level and 50Dsma, fell below 20Dsma and closed below that. Until the prices close above $1,197.00, bears have an upper hand. The rate hike debate is still active forcing the metal prices to fall. Swiss referendum at the end of November will show immediate impact on gold prices. A yes vote will ignite the bullish run in the short term, but chances are remote. Today, ahead of China PMI data the metal is trading on a bearish note and below 20Dsma at the Asian session. At the evening session, the CPI data and US unemployment claims data will drive the metal prices. Currently, the metal is trading above $1,180.00 after the Federal minutes. From an intraday view, the metal has support at $1,180.00, below this at $1,175.00 and $1,173.00. The selling pressure will be triggered below $1,180.00; panic will emerge below $1,173.00 towards $1,168.00, $1,160.00, and $1,158.00. We can expect steep fall below $1,146.00. On the upside, resistance exists at $1,191.00, $1,197.00, and 1204.00. The hourly trading pattern is framed between $1,190.00 and $1,180.00. As of now today, on the h4 chart the prices are making higher lows and higher highs.

Trade:

Buying above $1,190.00.

Selling below $1,180.00, safe selling below $1,179.00.