Gold breaks 21- DMA, decline till $1170 likely
Major support - $1187 (21- day MA)
Major resistance - $1220 (100- day EMA)
The yellow metal has broken major support at 21- day MA and declined till $1183.12 at the time of writing. It is currently trading around $1183.57.
Gold hits 2- week low as U.S dollar and stocks climbed yesterday. U.S dollar index recovered sharply after making a low of 99.79. The index broken 100 level once again and jumped till 100.71.It’s upside is capped by 10 –day MA and any break above 100.70 will take the index to next level till 101.30.
Gold major intraday resistance is around $1197 (3- day EMA) and any break above targets $1205 (in the short term. The minor resistance is around $1188 (30- day EMA).
On the lower side, immediate support is around $1176 (50- day MA) and any indicative break below targets $1159 (61.8% retracement of $1122 and $1218.94).
It is good to sell on rallies around $1186-$1189 with SL around $1200 for the TP of $1172/$1161.
Major resistance - $1220 (100- day EMA)
The yellow metal has broken major support at 21- day MA and declined till $1183.12 at the time of writing. It is currently trading around $1183.57.
Gold hits 2- week low as U.S dollar and stocks climbed yesterday. U.S dollar index recovered sharply after making a low of 99.79. The index broken 100 level once again and jumped till 100.71.It’s upside is capped by 10 –day MA and any break above 100.70 will take the index to next level till 101.30.
Gold major intraday resistance is around $1197 (3- day EMA) and any break above targets $1205 (in the short term. The minor resistance is around $1188 (30- day EMA).
On the lower side, immediate support is around $1176 (50- day MA) and any indicative break below targets $1159 (61.8% retracement of $1122 and $1218.94).
It is good to sell on rallies around $1186-$1189 with SL around $1200 for the TP of $1172/$1161.
