FxWirePro: Gold trades lower on rise in the greenback, good to sell on rallies

Gold has shown a good jump till $1287 after Fed kept its rates unchanged. But central bank was optimistic about US economic growth and mentioned that rates to be lower till 2019 on weak inflation.Traders got slightly disappointed as they are looking for hint of rate cut. DXY recovered more than 50 pips after Fed Powell press conference. The yellow metal hits low of $1272.64 and is currently trading around $1272.05.

On the lower side, near term support is around $1270 and any violation below will take the yellow metal to next level till $1266/$1260.

The near term resistance is around $1278 and any break above confirms slight bullishness and a jump till $1282. Any break above $1282 confirms major intraday bullishness.

It is good to sell on rallies around $1275-76 with SL around $1282 for the TP of $1266/$1260