Candlestick pattern- Shooting star
Gold has declined more than $25 in previous week after hitting high of $1346.77. The yellow metal hits low of $1321.14 and shown a minor recovery. It is currently trading around $1328.
On the lower side near term support is around $1315.85 (3- W EMA) and any break below will drag the yellow metal to next level till $1307/$1300. Any break below $1300 confirms bearish continuation.
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 $1335-36 with SL around $1346 for the TP of $1301.
