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FxWirePro: Gold trades flat, markets await French election result for further direction

  • Gold prices yesterday ends with small gain after a minor sell off till $1273.90. The yellow metal prices are muted as markets await first round French Presidential election results on Sunday.
     
  •  U.S dollar index has once again recovered from the yesterday low of 99.37. The index should break above 100 for further bullishness. Major weakness can be seen only below 98.86 level.
     
  • On the higher side, any break above $1300 will take the yellow metal till $1306 (161.8% retracement of $1263.87 and $1195.12)/$1332.
     
  • The major near term support is around $1274 (10- day MA) and any break below will drag the yellow metal down till $1255 (200- day MA)/ $1244 (50% retracement of $1195 and $1295).

    It is good to sell on rallies around $1282-$1283 with SL around $1291 for the TP of $1272/$1261.

 

 

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