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FxWirePro: Gold faces strong support at 55 day EMA, good to sell on rallies

  • Major resistance- $1250 (10 day WMA)
     
  • Major support - $1217 (55 day EMA)
     
  • Gold has taken support near 55 day EMA and started to jump for that level. It is currently trading around $1229.
     
  • 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 $1217 and any indicative break below will drag the commodity down till $1205/$1200.The minor support is around $1225.
     
  • Overall bullish invalidation only below $1200.

It is good to sell on rallies around $1235 with SL around $1250 for the TP of $1215/$1205

 

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