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FxWirePro:Gold retreats slightly on account of strong U.S dollar , good to sell on rallies

  • Major resistance - $1260-$1264 (200- day MA and Feb 24th high).
     
  • Major support - $1237.
     
  • Gold jumped almost $7 yesterday and touched $1258 nearing its new one month high on account of weak U.S dollar and treasury yields.
     
  • The yellow metal has shown a mild sell off from the yesterday high as US Dollar index recovered from one month low of 98.86. DXY taken support near 61.8% fibo and jumped till 99.83 at the time of writing. US . dollar index should break above 100 for further bullishness.
     
  • U.S 10 –year treasury yield jumped from the month low of 2.35% till 2.41% . 
     
  • Technically, gold is facing major resistance around $1260-$1264 and any break above will take the yellow metal till $1273/$1280.
     
  • On the lower side , major support is at $1234 (21- day EMA) and any break below will drag the yellow metal till $1224 (100- day EMA)/$1219 (61.8% retracement of $1195 and $1261).

    It is good to sell on rallies around $1250-$1253 with SL around $  1260 for the TP of $1238/$1234.
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