FxWirePro: Gold struggles to break above 21- day MA, good to sell on rallies
Major resistance- $1326.50 (21- day MA) Major support -$1315 (trend line joining $1047 and $1199) The yellow metal fell to a fresh one-week low yesterday in the wake of more US economic data for clues of Dec rate hike. G…
Major support -$1315 (trend line joining $1047 and $1199)
The yellow metal fell to a fresh one-week low yesterday in the wake of more US economic data for clues of Dec rate hike. Gold has jumped slightly till $1327 yesterday and started to decline once again.
In the daily chart, Gold is facing strong resistance at $1342 (Ichimoku cloud). Any break above will take the yellow metal to next immediate resistance at $1349/$1352/$1357 in the short term. The minor resistance is around $1326/$1332.
The major support is around $1315 (trend line joining $1047 and $1199) and any break below targets $1310/$1308 (100- day MA).
Short term weakness only below $1300.
It is good to sell on rallies around $1325 with SL around $1332 for the TP of $1315/1311
