FxWirePro: Gold trades weak on strong U.S economic data, good to sell on rallies
Gold continues backslide after price notched 10 –month low on Monday. The yellow showed a mild jump till $1175 and once again started to fall from that level. The yellow metal is trading weak on account of strong U.S dol…
Gold continues backslide after price notched 10 –month low on Monday. The yellow showed a mild jump till $1175 and once again started to fall from that level. The yellow metal is trading weak on account of strong U.S dollar and Fed rate hike fears.
Investors were also looking for ECB monetary policy on Thursday on its quantitative easing programme.
Technically Gold should break above pschycological resistance $1200 for further bullishness .Any close above 10- day MA $1185 will also take the yellow metal slightly till $1200.
On the lower side any close below $1160 will take the bullion further down till $1147/$1130.
It is good to sell on rallies around $1172-$1174 with SL around $1182 for the TP of $1160/$1148
