FxWirePro: Gold downside capped by 10-day MA, good to sell on rallies
Thursday, April 20, 2017 6:00 AM UTC
- Gold prices declined almost $17 yesterday from the high of $1290 made on Apr 19th 2017. The yellow metal is under pressure as demand for safe haven assets eased .
- U.S dollar index has recovered slightly after making a low of 99.48 and jumped till 99.89 yesterday. The index should break above 100 for further bullishness. Major weakness can be seen only below 98.86 level.
- On the higher side, any break above $1300 will take the yellow metal till $1306 (161.8% retracement of $1263.87 and $1195.12)/$1332.
- The major near term support is around $1271 (10- day MA) and any break below will drag the yellow metal down till $1256 (200- day MA)/ $1244 (50% retracement of $1195 and $1295).
It is good to sell on rallies around $1282-$1283 with SL around $1291 for the TP of $1272/$1261.
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