FxWirerPro: Gold struggles to close above $1250, good to sell on rallies
Major resistance - $1260 (200- day MA). Gold declined slightly after continuous five day winning streak on account of slump in global equities and weak US. Dollar. The yellow jumped slightly above $1250 till $1253.40 and…
Gold declined slightly after continuous five day winning streak on account of slump in global equities and weak US. Dollar. The yellow jumped slightly above $1250 till $1253.40 and is currently trading around $1242.34.
DXY has slightly recovered till 100 after forming a minor bottom at 99.55 level. The index is facing strong support at 99.25 and break below will drag the pair down till 98.
Technically, near term resistance is $1250 and any close above will take the yellow metal till $1260 (200- day MA).
On the lower side, $1229 (daily Kijun-Sen) will be acting as major support and any break below will drag the gold down till $1222 (100- day MA)/$1219 (50- day MA).
It is good to sell on rallies around $1245-47 with SL around $1253 for the TP of $1229.
