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Sell the Rally: Gold Eyeing $4,000 as Dollar Strength Takes Control

Gold trades well below $4300 on broad-based US dollar buying. It hit an intraday low of $4244; it is currently at $4263.

 

Technicals

CMP: $ 4262

Trend

4-hour chart

Value

 

 

55 EMA

$4336

CMP <55 EMA

Bearish

200- EMA

$4355

CMP <200- EMA

Bearish

365- EMA

$4344

CMP <365 EMA

Bearish

 Near -term support: $ 4235. Any violation below $4235 targets $4215/$4200/$4156/$4080/$4000. Near-term resistance - $4300/$4370/$4400/$4435/$4500/$4600/$4700.

Momentum indicator (4-hour chart)

Inference

Value

CCI(50)

Bearish

-137

ADX

Bearish

Strength increased form 15.42 to 21

 It is good to sell on rallies around $4300, with an SL around $4370 and a TP at $4000.

 

 

 

 

 

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