Gold faces strong resistance at $1260, good to sell on rallies
Major support - $1243 (55 day EMA)
Major resistance- $1268 (21 day MA)
Gold has declined sharply yesterday on account of continuous chorus of Fed rate hike. It has declined till $1243 and closed at $1248. It is currently trading around $1245.
Minor bullishness can be seen above $1260 level. Any break above $1260 will take the pair to next level at $1267 (21 day MA)/ $1275/$1283.
On the lower side support is around $1243 and break below targets $1230/$1225.
Overall weakness can be seen below $1200 level.
It is good to sell on rallies around $1243-$1245 with SL around $1253 for the TP of $1230/$1225
Major resistance- $1268 (21 day MA)
Gold has declined sharply yesterday on account of continuous chorus of Fed rate hike. It has declined till $1243 and closed at $1248. It is currently trading around $1245.
Minor bullishness can be seen above $1260 level. Any break above $1260 will take the pair to next level at $1267 (21 day MA)/ $1275/$1283.
On the lower side support is around $1243 and break below targets $1230/$1225.
Overall weakness can be seen below $1200 level.
It is good to sell on rallies around $1243-$1245 with SL around $1253 for the TP of $1230/$1225
