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FxWirePro: Gold trades below major trend line support, targets 1250 (Chart of the day)

Trend line support- $1273

 

Gold has broken trend line support and holding below that level for past 8 hours. This confirms major trend reversal and a decline till $1261/$1250 possible.

 

The yellow metal hits low of $1271.04 on Apr 18th 2019 and jumped till $1279.68 yesterday. The near term resistance is around $1281 (support turned into resistance) and any break above will take the yellow metal to next level till $1285/$1292.

 

On the lower side, any convincing break below $1271 will take the commodity to next level $1262.28 (16.18% fib)/$1250.

 

It is good to sell on rallies around $1273-74 with SL around $1278 for the TP of $1262/$1251.    

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