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.