Gold Tumbles Below $4400 Amidst Hawkish Fed Signals: Sell Rallies for Targets Near $4200

After hawkish remarks from the Fed chairman, gold has been trading lower for the fifth straight day. It is currently at $4381, having fallen during the day to $4364.

 

Technicals	CMP -$4381	Trend
1- Hour chart	Value
55 EMA	$4472	CMP <55 EMA	Bearish
200- EMA	$4514	CMP <200- EMA	Bearish
365- EMA	$4464	CMP <365 EMA	Bearish
800-EMA	$4360	CMP<800 EMA	Bullish

 Near-term support: $4360//$4300/$4200.  Major bearishness below $4300. Any violation below $4300 targets $4235/$4215/$4200/$4156/$4080/$4000. Near-term resistance - $4700/$4773/$4800/$4900/$5000.

Momentum indicator (4-hour chart)	Inference	Value
CCI(50)	Bearish	-134
ADX	Bearish	Strength increased from 31.04 to 35.50

 It is good to sell on rallies around $4398-4400 with SL around $4470 for a TP of $4200.