FxWirePro: Gold trades lower after hawkish FOMC minutes, good to sell on rallies

• Gold had a roller coaster ride yesterday on account of geo political tensions and US FOMC minutes meeting. The reason for massive rally of almost $25 yesterday was due to clash between US and Russia over Syria. But huge selling pressure happened at higher levels as US fed FOMC minutes meeting confirms that here will be more than three rate hikes. Gold declined almost $18 from the high of $1365. It is currently trading around $1351.66.
   
• US dollar index was trading flat after a decline till 89.36.DXY should break below 88.94 for further weakness.
   
• The yellow metal is facing major resistance at $1365 and any major bullishness only above that level. Any break above $1365 will take the gold till $1374/$1380. Overall bullish continuation only above $1365.
   
• On the lower side, near term support is around $1347 and any break below will drag the yellow metal down till $1343/$1337 (55- 4H EMA)/$1329 (61.8% fibo).

It is good to sell on rallies around $1356-57 with SL around $1366 for the TP of $1330/$1324.