FxWirePro: Gold faces strong support at 21- day EMA, good to sell on rallies
Major support - $1216 (21- day EMA) Major resistance - $1245 (200- W MA) The yellow metal has once again recovered after declining till $1226 yesterday. It is currently trading around $1234.18. U.S dollar index has sligh…
The yellow metal has once again recovered after declining till $1226 yesterday. It is currently trading around $1234.18.
U.S dollar index has slightly declined after making a high of 101.60. The index is facing strong resistance around 101.73 and any further bullish continuation only above that level.
Gold major resistance is around $1245(200- WMA) and any break above targets $1262 (200-day MA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, minor support are around $1233 (10- day MA) and any indicative break below targets $1227 (61.8% retracement of $1216 and $1243.85)/$1222 (21- day EMA)/$1212 (daily Kijun-Sen).
It is good to sell on rallies around $1234-$1236 with SL around $1243 for the TP of $1226/$1216.
