FxWirePro: Gold faces strong support 21- W EMA, good to sell on rallies
Major support - $1216-$1218 (21- W EMA &100- day EMA) Major resistance - $1245 (200- W MA) The yellow metal has taken support near 100 – day EMA and jumped slightly from that level. Gold has fallen almost $16 on Friday o…
Major support - $1216-$1218 (21- W EMA &100- day EMA)
Major resistance - $1245 (200- W MA)
The yellow metal has taken support near 100 – day EMA and jumped slightly from that level. Gold has fallen almost $16 on Friday on account of strong U.S dollar. It is currently trading around $1230.
U.S dollar index surged sharply till 101.02 on Friday. The index is facing strong resistance at 101.02 high made on Jan 30th 2017 high. Any minor bullishness can be seen above that level.
Gold major resistance is around $1248 (150- day MA) and any break above confirms major trend reversal, a jump till $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, immediate support is around $1218 (100- day EMA) and any indicative break below targets $1211 (21- day EMA)/ $1204 (55- day EMA).
It is good to sell on rallies around $1230-$1232 with SL around $1245 for the TP of $1200/$1183.
