FxWirePro: Gold breaks major support at $1170 on account of strong U.S dollar, good to sell on rallies

• Major intraday resistance- $1190 (7- day EMA)
   
• Major intraday support - $1160
   
• Gold breaks the low of $1170.63 yesterday on account of upbeat U.S economic data and stronger U.S dollar. The yellow metal jumped slightly after hitting fresh 11- month low. It is currently trading around $1175.
   
• According to Fed fund futures tracked by CME shows that probability of rate hike by Fed by this Dec is now at 94% .
   
• The yellow metal‘s upside is capped by 7- day EMA ($1190) and also major pschycological resistance at $1200.Any indicative break above $1200 targets $1210 (23.6% retracement of $1337 and $1171.07)/$1221.
   
• Short term bullishness only above $1235.
   
• On the lower side, any break below $1160 will drag the commodity down till $1147/$1130 level.

It is good to sell on rallies around $1180-85 with SL around $1200 for the TP of $1160/$1147