FXWirePro: Gold struggles to break above 55- day EMA, good to sell on rallies
Major Support - $1305 (100- day EMA) Major intraday resistance -$1322 (55- day EMA) The yellow metal has slightly declined till $1311 after BOJ has kept its interest rates unchanged at minus 0.10 pct but the central bank…
The yellow metal has slightly declined till $1311 after BOJ has kept its interest rates unchanged at minus 0.10 pct but the central bank said that it would introduce QQE with new measure to control yield curve.
In the daily chart Gold is facing strong resistance at 55- day EMA at $1323. It should break above this level for further jump till $1332.
The major support is around $1310 and any break below targets $1305 (100- day MA) /$1297 (23.6% retracement of $1375 and $1047)/$1285 (50% retracement of $1199 and $1375).
Gold is facing major resistance around $1325 (200- H MA) and any break above targets $1332 (Sep 13th high)/$1340.
Short term weakness only below $1300.
It is good to sell on rallies around $1315-17 with SL around $1323 for the TP of $1305/$1300
