FX.co ★ Intraday trading recommendations on Gold for October 28, 2014

In yesterday's session the metal closed at the 20Dsma levels. The metal has been making lower lows for 5 sessions. Today the metal opened below the 20Dsma and rejected there. Ahead of the US Federal Reserve monetary policy meeting, the expectations are very high the central bank will end its quantitative easing program. If this happens, the US dollar will gain more strength that will turn to the negative side for the yellow metal. Today in Asia's session, the metal is trading at $1,225, below the 20Dsma. Support levels exist at $1,221.50 and $1,217.00. Speculators can start selling below $1,221.50 or safe traders can start selling below $1,217.00 levels. For an Intraday view, the prices are closed below the hourly moving averages. The 12ema levels act as strong resistance levels. For speculators, we recommend risky selling only below $1,221.50, safe selling, below $1,217 and buying, above $1,230.00 levels.

Until the prices close below $1,240.00 the trading pattern is framed between $1,217.00 and $1,240.0.

Trade-

Buy with sl $1,221.50 and targets at $1,230, above this, $1,232, $1,234, $1,238 and $1,240.

Selling below $1,221.50 with targets at $1,217.00, below this, $1,210 and $1,204.00.