FxWirePro: Gold Daily outlook

• Gold failed to breakout above psychological level at $1300 and consolidating in narrow range between $1281.85 and $1293 for the past three trading session. The yellow metal is waiting for Jackson Hole speeches for hints of U.S dollar strength.  It is currently trading around $1287.70.
   
• Fundamentally demand for yellow metal is slightly increasing on account of Geo political tensions between U.S and North Korea.
   
•  DXY is trading in narrow range between 94.15 and 93 for the past one week. It is struggling to close above 21- day EMA at 93.63 and any minor bullishness can be seen only above that level. Minor jump till 94.15/94.29 (23.6% fibo) can be seen.
   
• U.S 10 year yield trading till near to 7 - week low and bond market waiting for hint by Fed on rate outlook in Jackson Hole.
   
• Technically gold is facing major resistance around $1300 and any convincing break will confirm major trend reversal. Any break above will take the yellow metal till $1310/$1325.
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• Gold’s near term support is around $1277 (23.6% retracement of $1204 and $1300.66) and break below will drag the commodity down till $1274 (21- day EMA)/$1257 (100- day MA).The yellow metal should break below $1195 for major trend reversal. 

It is good to sell on rallies around $1288-$1290 with SL around $1300 for the TP of $1270/$1261.