FxWirePro: Gold upside capped by 61.8% fibo, good to sell on rallies
Pattern formed – Triple top Major resistance- $1310 (61.8% retracement of $1352.57 and $1241.50). The yellow metal retreated sharply after FBI gives a clean chit to Hillary Clinton Emails.Gold declined sharply today morn…
Major resistance- $1310 (61.8% retracement of $1352.57 and $1241.50).
The yellow metal retreated sharply after FBI gives a clean chit to Hillary Clinton Emails.Gold declined sharply today morning after making a high of $1307.
Gold upside capped by 61.8% fibo level. Any break above 61.8% confirms further bullishness. Any violation above $1310 will take the yellow metal to next level till $1314 (21- W MA)/$1322 in the short term.
On the lower side, major support is at $1286 (34- day EMA) and any break below targets $1278/$1260.
It is good to sell on rallies around $1300-$1302 with SL around $1310 for the TP of $1285/$1278
