FxWirePro:Gold forms shooting star in daily chart, good to sell on rallies

• Pattern formed – Shooting Star


• Major resistance - $1217 (89- day EMA).
   
• Major support - $1170 (30- day EMA).
   
• The yellow metal breaks psychological level at $1200 for the first time since Nov. Gold has jumped till $1207 and is currently trading around $1193.
   
• US 10- year bond yield hits 6 week low yesterday following disappointing press conference by US President Donald Trump. The yield on the 10- year declined till 2.305% lowest since Nov30.It should break above 2.45% for further bullishness.
   
• Gold major resistance is around $$1217 (89- day EMA) and any break above targets $234/$1247 (50% retracement of $1375 and $1122) in the short term.
   
• On the lower side, immediate support is around $1180 (7- day EMA) and any indicative break below targets $1173 (30- day EMA)/$1164 (daily Kijun-Sen)/$1155 (61.8% retracement of $1122 and $1190.70).The minor support is around $1175.

It is good to sell on rallies around $1195-$1198 with SL around $1210 for the TP of $1173/$1165