FxWirePro: Gold upside capped by 20- day MA, good to sell on rallies

Major resistance- $1200 (20- day MA)

The yellow metal has shown a dip of $10 after showing a $40jump from the low of $1160. The slight jump in US dollar index after hawkish fed minutes meeting . DXY recovered more than 50 pips from the low of 94.93.Any close below 94.99 (50- day MA) confirms firther weakness. US bond yield was trading flat and investor eyes Jacksonhole symposium and US -China trade talks.it is currently trading around $1196.25.

Short term trend is slightly weak as long as resistance $1200 (20- day MA) holds. The near term intraday resistance is around $1196 and any break above targets $1200/$1209/$1218.

On the lower side, in the daily chart next immediate support is around $1186.85 7- day MA and $1178/$1173/$1170.

It is good to sell on rallies around $1192-93 with SL around $1200 for the TP of $1173/$1170.