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FxWirePro: Gold faces strong resistance around $1170, good to sell on rallies

Gold has made a high of $1169 and retreats from that level. Overall trend is still weak as long as resistance $1170 holds.

  • On the downside minor support is around $1150 and break below $1142/$1131.
  • Overall trend reversal can happen only below $1128 level.
  • The pair's minor resistance is around $1158 and break above targets $1165/$1168.

It is good to sell on rallies around $1156-58 with SL around $1170 for the TP of $1142/$1132.

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