FxWirePro: Gold trades lower on French First round election, good to sell on rallies
Gold steadied today after huge fall in the previous session due to French election result. The yellow metal is currently trading around $1273.27 0.187% lower. Gold price is expected to decline further as the threat of Fr…
Gold steadied today after huge fall in the previous session due to French election result. The yellow metal is currently trading around $1273.27 0.187% lower.
Gold price is expected to decline further as the threat of France having referendum has diminished as Macron is well ahead of Le Pen in the polls.
U.S 10 year bond yield shown a huge jump from the low of 2.18% and hits two week high around 2.31% on account of French first round election result.
Gold is facing major near term support at $1265 (21- EMA) and any violation below 21- day EMA will drag the commodity down till $1255 (200- day MA)/ $1245 (50% retracement of $1195 and 1295)/$1238 (100- day EMA).
On the higher side, near term resistance is around $1284 (61.8% retracement of $1295 and $1265) and any break above targets $1295/$1300/$1313 (161.8% retracement of $1295 and $1265).
It is good to sell on rallies around $1275-$1277 with SL around $1284 for the TP of $1256.
