Major resistance - $1260-$1264 (200- day MA and Feb 24th high) Major support - $1237. Gold declined almost $13 from the yesterday high and declined till $1239.67 at the time of writing on account of strong U.S dollar. US…
Major resistance - $1260-$1264 (200- day MA and Feb 24th high)
Major support - $1237.
Gold declined almost $13 from the yesterday high and declined till $1239.67 at the time of writing on account of strong U.S dollar.
US Dollar index jumped sharply till 100.60 after breaking 100. DXY near term resistance is around 100.70 (55- day EMA)and any break above will take the pair till 100.97 (61.8% retracement of 102.26 and 98.86).
Technically, gold is facing major resistance around $1260-$1264 and any break above will take the yellow metal till $1273/$1280. The minor resistance is around $1252 (61.8% retracement of $1260.95 and $1239.70)/$1258.
On the lower side , short term support is at $1234 (21- day EMA) and any break below will drag the yellow metal till $1224 (100- day EMA)/$1219 (61.8% retracement of $1195 and $1261).
It is good to sell on rallies around $1250 with SL around $1258 for the TP of $1238/$1234.
