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The yellow metal prices fell to a 4-month low of 1147.70 at yesterday's session. The day was filled with complete red paint. The metal started this week on a bearish note. In time frames, the precious metal lost all the moving averages. Ahead of the FOMC meeting minutes, the metal is trading lower at the Asian session. We do not expect the FOMC minutes to deliver surprising data. In this case a mild pullback towards $1,175.00 will take place. A daily close above $1,175.00 is likely to ease the bullish view. On the down side, the level of 1148.00 acts as support level. The parallel support is found at 1142.50.
The metal has been consolidating between 1151.00 and 1159.00 for 10 hours. The hourly oscillators indicate the oversold market. A daily close below $1,148.00 opens gates to re-test the previous lows of $1,142.50 and $1,135.00 initially. It is likely to extend further later. A mild pullback towards 1162 or 1165.00 is expected at today's session.
According to the world gold council, Turkey reported 6% of global consumer demand. The Ramadan will end on July 16. It's a culture in the Turkey after the Ramadan when people will to buy gold in the account of Seker Bayrami festival also known as the sugar Feast. We expect mild buying during these days.
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