FxWirePro: Gold upside limited by 5- day MA, good to sell on rallies
Gold continues its losing streak yesterday and breaks the low of $1138 made yesterday. The yellow metal declined till $1122 yesterday .It is currently trading around $1134. Gold has shown a slight jump but upside will ca…
Gold continues its losing streak yesterday and breaks the low of $1138 made yesterday. The yellow metal declined till $1122 yesterday .It is currently trading around $1134.
Gold has shown a slight jump but upside will capped due to Federal funds rate hike projection. It is expected to hike thrice next year.
Technically Gold is facing minor resistance at $1140 (3- day EMA) and any break above will take the pair till $1152 (7- day EMA)/$1161 (10- day MA). The yellow metal should close above 21- day MA ($1178) for further jump till $1188 (Dec 4th 2016 high)/$1197.
On the lower side any close below $1116 (78.6% retracement of $1046 and $1375) and any violation below will drag the pair down till $1100/$1085.
It is good to sell on rallies around $1150-52 with SL around $1165 for the TP of $1116/$1090.
