FxWirePro:Gold upside capped by 10- day MA, good to sell on rallies
Gold jumped sharply till $1188 yesterday after the U.S jobs data. The yellow metal shown a slight decline till $1166 after better than expected U.S NFP jobs data. But not able to hold at lower levels the yellow metal jum…
Gold jumped sharply till $1188 yesterday after the U.S jobs data. The yellow metal shown a slight decline till $1166 after better than expected U.S NFP jobs data. But not able to hold at lower levels the yellow metal jumped till $1188.
The bullion market has once again declined in the morning Asian session after Italy PM resigns after Sunday referendum.
The yellow metal‘s upside is capped by 10- day MA ($1188) and any break above targets $1200.Any indicative break above $1200 targets $1210 (23.6% retracement of $1337 and $1171.07)/$1221.
On the lower side, any break below $1160 will drag the commodity down till $1147/$1130 level.
It is good to sell on rallies around $1185-$1188 with SL around $1200 for the TP of $1160
