FxWirePro: Gold faces strong support at 100- day 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 once again taken support near 100 – day EMA and jumped slightly from that level. Gold has fallen till $1219…
Major support - $1216-$1218 (21- W EMA &100- day EMA)
Major resistance - $1245 (200- W MA)|
The yellow metal has once again taken support near 100 – day EMA and jumped slightly from that level. Gold has fallen till $1219.40 yesterday on account of strong U.S dollar. It is currently trading around $1229.72.
U.S dollar index broken major resistance at 101.02 yesterday and jumped till 101.11. The index is facing strong resistance at 101.45 (50- day MA). Any minor bullishness can be seen above that level.
Gold major resistance is around $1230 (trend line joining $1244 and $1237)and any break above targets $1245(200- WMA)/ $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 with SL around $1238 for the TP of $1200/$1183.
