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Short

Gold Daily Outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
284 1 2
Gold             has recovered slightly after making a low of $1175. Intraday trend is weak as long as resistance $1195 holds.

On the downside minor support is around $1172 and any break below will drag the commodity further down till $1160/$1151.

The intraday trend reversal above $1195 (200 day HMA ) and above that it will reach $1205/$1210.

Short term bearish invalidation only above $1225.

Indicator (1 hour chart)

CCI (50) - Sell

Woodies CCI (14) – Buy

Ichimoku- Sell

It is good to sell on rallies around $1185 for the target of $1162/$1151 with stop around $1196.
Thanks a lot
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