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Short

Gold faces strong resistance at $1358, good to sell on rallies

FX:XAUUSD   Gold Spot / U.S. Dollar
389 1 11
Major resistance - $1368

Major support - $1330

The yellow metal has once again retreated till $1340 at the time of writing after making a high of $1357.96 yesterday and it is currently trading at $1338.

The major resistance is at $1358 (Aug 10th high) and any break above targets $1368/$1375 in the short term.

On the lower side, support stands at $1338 (21 day MA) and break below will drag the commodity down till $1330/$1315 (55 day EMA )/$1295.

It is good to sell on rallies around $1345-1348 for the TP of $1358 for the TP of $1331/$1316.
SL of $1358, not TP.
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