FxWirePro: Gold faces strong support around $1040, good to sell on rallies
Gold has declined after making a high of $1081.70 and is currently trading around $1062. Short trend is still weak as long as resistance $1100 holds. The commodity has broken minor support $1060 and this confirms minor t…
Gold has declined after making a high of $1081.70 and is currently trading around $1062. Short trend is still weak as long as resistance $1100 holds.
The commodity has broken minor support $1060 and this confirms minor trend reversal, a decline till $1045 is possible.
The major support is around $1040 level and break below targets $1026/$1000
On the higher side major resistance is around $1100 will take the commodity till $1120/$ bearish invalidation only above $1150 level. The minor resistance is around $1085.
It is good to sell on rallies around $1075-80 with SL around $1100 for the TP of $1045/$1026
