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Short

Gold: Sell on rallies

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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12
Major support- $1310

Major intraday resistance- $1328 (hourly Kijun-Sen)

The yellow metal declined sharply after Fed chairman Janet Yellen hints that there is the possibility of a rate hike in the future. Gold has fallen drastically after making a high of $1342 on Friday.

On the higher side, for the intraday gold should break above $1328 (hourly Kijun-Sen) for jump till $1337 (200 HMA )/$1340 ( 61.8% retracement of $1356.09 and $1314.87).

Technically the support is around $1310 and breaks below targets 1300/$1293 (100 day MA).

Overall bearish invalidation only above $1375.

It is good to sell on rallies around $1325-$1328 with SL around $1340 for the TP of $1311/$1300

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