FxWirePro:Gold struggles to close above 7- day MA ,good to sell on rallies
Gold continued its losing streak and breaks major support $1160 declined till $1156.98. The yellow metal is trading weak on account of strong U.S dollar and Fed rate hike fears. But the Italian no vote referendum doesn’t…
Gold continued its losing streak and breaks major support $1160 declined till $1156.98. The yellow metal is trading weak on account of strong U.S dollar and Fed rate hike fears.
But the Italian no vote referendum doesn’t have any positive impact on Gold. Most of the analysts felt that political instability in Italy might push the gold prices higher. Gold jumped slightly after a decline till $1156 level. It is currently trading around $1173.
Gold is showing some sort of buying interest at lower levels .It should break above trend line resistance at $1180 (trend line joining $1231.45 and $1221) for further bullishness Any violation above $1180 will take the yellow metal to next level at $1188/$1200 level. It should close above $1200 for further bullishness.
On the lower side any close below $1160 will take the bullion further down till $1147/$1130.
It is good to sell on rallies around $1172-$1174 with SL around $1182 for the TP of $1160/$1148
