Gold: Sell on rallies

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
360 0 8
Major resistance $1221.75 (7- day EMA )

Major support - $1200

The yellow metal has once again declined after jumping till $1221. Gold             shown a dip till $1205.90 and recovered slightly from that level.

Gold             downside is limited by $1200 psychological level and any violation below that level will drag the commodity down till $1180/$1172.

On the higher side, resistance stands at $1222 (7- day EMA ) and any break above targets $1233 (23.6% retracement of $1203.12 and $1337)/$1243 (23.6% retracement of $1375 and $1202.50)/$1256.90 (21-day- MA).

The major support is around $1200 and any break below will drag the yellow metal down till $1180 (161.8% retracement of 1241.50 and $1337)/$1172 ( 61.8% retracement of $1046.50 and $1375).

It is good to sell on rallies around $1215 with SL around $1225 for the TP of $1202/$1190

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