FxWirePro: Gold trades weak on strong US dollar, good to sell on rallies
Gold is showing a minor weakness after more than $15 jump from previous week low of $1301.60. The yellow metal weakness was mainly due to rise in global stock markets which points to lack of risk aversion in the world ma…
Gold is showing a minor weakness after more than $15 jump from previous week low of $1301.60. The yellow metal weakness was mainly due to rise in global stock markets which points to lack of risk aversion in the world marketplace. US dollar index has shown a minor decline after hitting high of 92.97.US President will make announcement on Iran today and US Fed Chairman Jerome Powell is to deliver speech on Monetary Policy Influences on Global Financial Conditions and International Capital Flows. It is currently trading around 2.946%.
The yellow metals near term resistance at $1318 (trend line support turned into resistance)) and any break above will take the yellow metal till $1323.65 (100- day MA)/$1327 (55- day EMA).
On the lower side, near term support is around $1304 (200- day MA) and any daily close below will drag the yellow metal down till $1294/$1280.
It is good to sell on rallies around $1315-16 with SL around $1323 for the TP of $1304/$1290..
