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Gold Loses Steam After Strong U.S. Retail Sales

Gold pared most of its gains after upbeat US retail sales data. The price had reached an intra-day low of $3973 and is now trading about $3993.95.

Technicals

CMP -$3993.95

Trend

1- Hour chart

Value

 

 

55 EMA

$4042

CMP <55 EMA

Bearish

200- EMA

$4069

CMP <200- EMA

Bearish

365- EMA

$4097

CMP <365 EMA

Bearish

 Near -term support -$3970.  Major bearishness below $3940. Any violation below  targets $3880/$3800/$3600. Near-term resistance - $4040/$4060/$4082/$4105/$4135/$4195/$4247.

Momentum indicator (4-hour chart)

Inference

Value

CCI(50)

Bearish

-161

ADX

Neutral

 

 It is good to sell on rallies around $4002-$4005 with SL around $4045 for a TP of $3880/$3800.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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