Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold downside capped by 10 day MA, good to sell on rallies

Major intraday support - $1480

The gold price has halted its 3-1/2 month bullish trend and shown a minor decline of more than $50 on account of profit booking. The yellow metal was one of the best-performing assets in this quarter on declining US yield and US-China trade war escalation. US 10 year yield declined more than 40% this year. It hits a low of 1.59% and is currently trading at 1.677%. It hits low of $1479.50 and is currently trading around $1501.88.

On the higher side, near term resistance is around $1520-25 and any violation above will take the yellow metal till $1540/$1585.

 The near term major support is around $1474 (10- day MA) and any break below will drag the gold till $1462/$1455/$1440.

 The market is in the overbought zone with bearish divergence so minor dip till $1440-50 is possible.

 It is good to sell on rallies around $1505-10 with SL around $1525 for the TP of $1440.
 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.