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FxWirePro: Gold faces strong support at 21 W MA, good to sell on rallies

Wednesday, May 25, 2016 5:28 AM UTC

Major resistance- $1250 (10 day WMA)
Major support - $1214 (21 W MA)
Gold has broken major support $1242 and declined till $1225 yesterday. It is currently trading around $1227.
On the higher side resistance is around $1250 and break above targets $1260/$1267 in short term. The minor resistance is around $1243 (support turned into resistance).
The yellow metal support is around $1225 and any indicative break below will drag the commodity down till $1214/1205.
Overall bullish invalidation only below $1200.

It is good to sell on rallies around $1235 with SL around $1250 for the TP of $1215/$12

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FxWirePro: Gold faces strong support at 21 W MA, good to sell on rallies

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