FxWirePro: Gold faces strong support at $1302, good to sell on rallies
Major resistance- $1321 (9-day EMA). Major support- $1302.50 (90 day EMA). The yellow metal has taken support near 90-day EMA and slightly jumped till $1316.50 at the time of writing. It is currently trading around $1313…
The yellow metal has taken support near 90-day EMA and slightly jumped till $1316.50 at the time of writing. It is currently trading around $1313.27.
The intraday resistance is around $1320 (9- day EMA) and any violation above will take the commodity till $1323.50 (38.2%)/$1335 (21- day MA). It should close above $1340 for further bullishness.
Technically the support is around $1302 and breaks below targets $1296 (100 day MA)/$1285.
It is good to sell on rallies around $1313-1315 with SL around $1323 for the TP of $1300/$1295
