FxWirePro: Gold trades flat, markets await French election result for further direction
Gold prices yesterday ends with small gain after a minor sell off till $1273.90. The yellow metal prices are muted as markets await first round French Presidential election results on Sunday. U.S dollar index has once ag…
Gold prices yesterday ends with small gain after a minor sell off till $1273.90. The yellow metal prices are muted as markets await first round French Presidential election results on Sunday.
U.S dollar index has once again recovered from the yesterday low of 99.37. The index should break above 100 for further bullishness. Major weakness can be seen only below 98.86 level.
On the higher side, any break above $1300 will take the yellow metal till $1306 (161.8% retracement of $1263.87 and $1195.12)/$1332.
The major near term support is around $1274 (10- day MA) and any break below will drag the yellow metal down till $1255 (200- day MA)/ $1244 (50% retracement of $1195 and $1295).
It is good to sell on rallies around $1282-$1283 with SL around $1291 for the TP of $1272/$1261.
