Gold Daily outlook

Gold is trading near major support $1176 (20 day MA) and any break below will confirm short term weakness a decline till $1142 cannot be ruled out.

On the upside minor resistance is around $1185 and break above would extend gains $1195/$1205 in short term.

The break below $1176 will drag the commodity further down till $1160/$1145.

Indicators (TF Daily)
CCI (50) - Sell
CCI (14) - Buy
CCI (14)-Sell

Recommendation: Sell Gold around $1185 SL $1205, Target $1148. 

Technical outlook for gold; RBC 20 Feb 2015

Quotes from RBC Capital Markets:
-We began to turn more positive on gold on January 15 in response to prices piercing a resistance trendline that dated back to October 2012 at 1239.
-While the resulting spike higher was encouraging, we note that prices failed to sustain moves above resistance at 1297 as the daily studies moved to overbought levels.
-This has prompted a pullback, with prices testing key uptrend support at 1200 as the daily studies move to oversold levels.
-We are watching this level closely as a daily close below 1200 would end the current corrective phase (and nullify our bullish view) via a bearish trend reversal.
-This outcome would favour a move to secondary support at 1167, followed by a double bottom at 1137 as bearish sentiment increases once again.
-While initial resistance is located at 1221 and 1234, we stress that a close above the trendline at 1253 (flush with the 200-day moving average) will be required in order to add to bullish price momentum and extend the correction.
-Secondary resistance is located at 1297 and 1308, followed by 1324.

XAUUSD | Update 20 February 2015

Gold little changed as investors eyed talks over Greek debt

• Spot gold was steady at $1,208.09 an ounce by 0043 GMT, after dropping 0.5 percent in the previous session. The metal has lost 1.7 percent for the week. 
• Germany rejected a Greek proposal for a six-month extension to its euro zone loan agreement on Thursday, saying it was "not a substantial solution" because it did not commit Athens to stick to the conditions of its international bailout.
• Berlin's stance set the scene for tough talks at a crucial meeting of euro zone finance ministers on Friday. 
• Greece's leftist-led government is scrabbling to avoid running out of money within weeks and will face pressure to make further concessions in Brussels. 
• As the biggest creditor and EU paymaster, Germany has the clout to block a deal and cast Greece adrift without a lifeline, potentially pushing it towards the euro zone exit. 
• But some officials in other capitals saw the German response as tactical and forecast agreement by the weekend. 
• Bullion had initially seen some safe-haven bids as the uncertainty over the crisis dragged on, but the expectation of a last-minute deal has hurt gold.

Gold Daily Outlook

Gold has recovered after making a low of $1197 and intraday trend is bullish as long as support $1195 holds.

On the downside minor support is around $1195 and weakness can be seen only below that level. Any break below $1195 will target $1185/$1170.

The minor resistance is around $1228 and nay indicative break above will extend gain till $1240/1252.

Indicators (1 Hours chart)

CCI (50) - Buy | CCI (14) - Sell | Ichimoku- Neutral

Recommendation: Buy Gold around $1205, SL 1195, Targets $1225/1240.

Gold retains gains on hopes Fed will delay interest rate hike Commodities

Spot gold was little changed at $1,212.81 an ounce by 00:30 GMT.

• The metal closed up 0.3 percent on Wednesday, after dropping to a six-week low of $1,197.56 earlier in the session. 
• Fed policymakers expressed concern last month that raising rates too soon could pour cold water on the U.S. economic recovery, and fretted over the impact of dropping "patient" from the central bank's rate guidance. 
• The minutes from the Fed's Jan. 27-28 policy-setting meeting, released on Wednesday, show officials grappling to square solid U.S. economic growth with the weakness in international markets, as well as worrying about falling inflation expectations in the United States.
• Global equity markets advanced on Wednesday while the dollar pulled back from earlier gains following the release of the Fed minutes.
• Gold had come under pressure in recent months from expectations the Fed will raise interest rates as early as June, potentially lifting the dollar and hurting non-interest-yielding assets like bullion.
• If interest rates are kept near record lows for longer, bullion's appeal could increase.  

XAUUSD | Update 18 February 2015