FxWirePro: Gold faces strong support at 100- day MA, good to sell on rallies
Major resistance- $1326.50 (21- day MA) Major support -$1310 (100- day MA) The yellow metal has taken support near 100 –day MA yesterday and slightly jumped till $1319.50 from that level. It is currently trading around $…
The yellow metal has taken support near 100 –day MA yesterday and slightly jumped till $1319.50 from that level. It is currently trading around $1311.88.
In the daily chart, Gold is facing minor resistance is around 9- day EMA around $1321 and any break above will take the yellow metal till 21- day MA at $1326.55.It should close above 21- day MA for further bullishness .Any close above will take the yellow metal to next immediate resistance at $1342/$1349/$1352/$1357 in the short term.
The major support is around $1310 (100- day MA) and any break below targets $1300/$1287 (50% retracement of $1199 and $1375).
Short term weakness only below $1300.
It is good to sell on rallies around $1315-18 with SL around $1328 for the TP of $1301/$1288.
