FxWirePro: Gold struggles to close above 200 HMA,good to sell on rallies

• Major resistance- $1343 (200 HMA and Cloud bottom).
   
• Major support - $1330 (61.8% retracement of $1311 and $1375.15)
   
• The yellow metal regained slightly till 200 HMA and started to declined from that level. It is currently trading around $1336.09.
   
• In the hourly chart, gold is trading slightly below Tenkan-Sen ($1337.60) and Kijun-Sen ($1339.83).the commodity should close above 200 HMA for further upside.
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• Market awaits Fed chairman speech at Jackson hole on Friday for further direction. The markets expect a clue on the timing of the next hike in federal fund rate in the meeting.
   
• On the higher side, any violation above $1344 will take the commodity to next level till $1350/$1358 in the short term.
   
• The major support is around $1330 and any break below will drag the commodity down till $1315/$1308 (38.2% retracement of $1199 and $1375.15).
   
• Short term weakness only below $1300.

It is good to sell on rallies around $1343-45 with SL around $1358 for the TP of $1330/$1316.