FxWirePro:Gold retreats slightly on account of strong U.S dollar , good to sell on rallies
Major resistance - $1260-$1264 (200- day MA and Feb 24th high). Major support - $1237. Gold declined almost $8 from the yesterday high and declined till $1248 at the time of writing on account of weak U.S dollar. US Doll…
Major resistance - $1260-$1264 (200- day MA and Feb 24th high).
Major support - $1237.
Gold declined almost $8 from the yesterday high and declined till $1248 at the time of writing on account of weak U.S dollar.
US Dollar index recovered from one month low of 98.86 and breaks above 100. DXY showed a slight jump above 23.6% retracement and any close above will take the index till 100.35 (100- day EMA)/100.70 (55- day EMA) .
Technically, gold is facing major resistance around $1260-$1264 and any break above will take the yellow metal till $1273/$1280.
On the lower side , short term support is at $1234 (21- day EMA) and any break below will drag the yellow metal till $1224 (100- day EMA)/$1219 (61.8% retracement of $1195 and $1261).
It is good to sell on rallies around $1250-$1253 with SL around $ 1260 for the TP of $1238/$1234.
