- Gold continuing its second week of selling on account of firmer dollar and strong economic data. The yellow metal declined almost $30 in previous week and is currently trading around $1252.46.
- Market awaits New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen to speak in Plattsburg, New York for further direction. Any hawkish statement by him will drag the yellow metal down further.
- In the daily chart , gold’s near term support is around $1250 (89-EMA) and break below will drag the commodity down till $1240 (200- MA)/$1229 (38.2% retracement of $1126 and $1296).
- On the higher side, minor resistance is around $1279 (61.8% retracement of $1296 and $1257.30) will take the commodity to next level till $1296/$1310.
It is good to sell on rallies around $1258-$1260 with SL around $1273 for the TP of $1240/$1229.
