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FxWirePro: Gold faces strong resistance at $1260, good to sell on rallies

Major support - $1243 (55 day EMA) Major resistance- $1268 (21 day MA) Gold has declined sharply yesterday on account of continuous chorus of Fed rate hike. It has declined till $1243 and closed at $1248. It is currently…

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FxWirePro: Gold faces strong resistance at $1260, good to sell on rallies
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  • Major support - $1243 (55 day EMA)
     
  • Major resistance- $1268 (21 day MA)
     
  • Gold has declined sharply yesterday on account of continuous chorus of Fed rate hike. It has declined till $1243 and closed at $1248. It is currently trading around $1245.
     
  • Minor bullishness can be seen above $1260 level. Any break above $1260 will take the pair to next level at $1267 (21 day MA)/ $1275/$1283.
     
  • On the lower side support is around $1243 and break below targets $1230/$1225.
     
  • Overall weakness can be seen below $1200 level.

It is good to sell on rallies around $1250-$1252 with SL around $1261 for the TP of $1230/$1225   

 

 

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