FxWirePro: Gold faces strong support at $1150, good to sell on rallies
Gold dropped almost $16 from the yesterday high of $1172 on account of higher dollar and Fed rate hike fears. It is currently trading around $1158. Markets awaits Fed monetary policy meeting which is to held on Wed for f…
Gold dropped almost $16 from the yesterday high of $1172 on account of higher dollar and Fed rate hike fears. It is currently trading around $1158.
Markets awaits Fed monetary policy meeting which is to held on Wed for further direction. Markets already factored in the Dec rate hike and remains uncertain on the policy wording ,future rate hike.
Technically Gold is facing resistance at $1172 (7- day EMA) and any break above will take the pair till $1182/$1193 (21- day MA)/$1200. Any close above $1200 will take the yellow metal till $1217 (34- day EMA).
On the lower side any close below $1160 will take the bullion further down till $1142/$1130.The minor support is around $1170.
It is good to sell on rallies around $1160-63 with SL around $1173 for the TP of $1150/$1142.
