FxWirePro: Gold trades well below 21-day MA, good to sell on rallies
Major resistance - $1332 (21- day MA) The yellow metal has broken minor support $1321 and declined till $1313 at the time of writing . It is currently trading around $1330.34. The major support is around $1307 (90- day E…
The yellow metal has broken minor support $1321 and declined till $1313 at the time of writing . It is currently trading around $1330.34.
The major support is around $1307 (90- day EMA) and any break below that level will drag the yellow metal down till $1297 (2.6% retracement of $1375 and $1047)/$1285 (50% retracement of $1199 and $1375.
Gold is facing major intraday resistance around $1331 (21- day MA) and any break above targets $1345 (61.8% retracement of $1352.61 and $1335)/$1352. The minor resistance is around $1323.60 (55- day EMA)/
Short term weakness only below $1300.
It is good to buy above $1332 with SL around $1323 for the TP of $1344/$1352
