FxWirePro: Gold consolidates in narrow range, good to sell on rallies

• Gold is trading in narrow range between $1122 and $1142 for the past three trading session. The yellow metal slightly recovered from fresh ten month low and is currently trading around $1130.
   
• Gold has shown a slight jump from the low of $1125 but upside will capped by 7- day MA due to dollar strength and equity market outperformance.
   
• Technically Gold is facing minor resistance at $1142 (7- day MA) and any break above will take the pair till $1149 (10- day MA)/$1167 (21- day MA). The yellow metal should close above 21- day MA ($1167) for further jump till $1188 (Dec 4th 2016 high)/$1197.
   
• On the lower side any close below $1116 (78.6% retracement of $1046 and $1375) and any violation below will drag the pair down till $1100/$1085.

It is good to sell on rallies around $1140-42 with SL around $1150 for the TP of $1116/$1090.