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FxWirePro: Gold forms Evening star candle stick pattern, good to sell on rallies

Candlestick pattern- Evening star

 

Gold has declined nearly $20 dollars after hitting 10-month high of $1346. The decline was due to increasing risk sentiment has reduced demand for safe haven. The yellow metal hits low of $1320.79 and is currently trading around $1325.55.

 

On the lower side near term support is around $1315.85 (20- day MA) and any break below will drag the yellow metal to next level till $1310.85 (23.6% fib)/$1300.

 

The near term resistance is around $1330 and any violation above will take the yellow metal till $1335/$1340. It should break above $1347 for further bullishness.

 

It is good to sell on rallies around $1332-33 with SL around $1340 for the TP of $1301.

 

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ARAnnual Primary Balance*

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