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FxWirePro: Sell Gold on rallies
Major Support- $1490
Minor intraday support - $1500 (Hourly cloud bottom)
Gold is consolidating in a narrow range between $1528 and $1493 for the past three trading days. Markets eye US FOMC minutes which is to be released today and many Fed officials to speak at the Federal Reserve Bank of Kansas City's Jackson Hole symposium for further direction. The yellow metal hits an intraday low of $1501.56 and is currently trading around $1503.26.
Technically on the flip side major support is around $1490 and any violation below will drag the gold to the next level till $1480/$1468 (38.2% fib).
The near term resistance is at $1508 (200- H MA) and any jump above will take the yellow metal till $1517/$1528. Any major bullishness only above $1535.
It is good to sell on rallies around $1507-$1508 with SL around $1515 for the TP of $1490/$1480.