Gold upside capped by 61.8% fibo, good to sell on rallies
Major support - $1216-$1218 (21- W EMA &100- day EMA)
Major resistance - $1245 (200- W MA)
The yellow metal has shown a mild jump till $1234.60 yesterday and declined slightly from that level. It is currently trading around $1225.70.
U.S dollar index broken major resistance at 101.09 (daily Kijun-Sen) yesterday and jumped till 101.38. The index is facing strong resistance at 101.45 (50- day MA). Any minor bullishness can be seen above that level.
Gold major resistance is around $1234.60 (61.8% retracement of $1244.60 and $1219.75) and any break above targets $1245(200- WMA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, immediate support is around $1218 (100- day EMA) and any indicative break below targets $1211 (21- day EMA)/ $1204 (55- day EMA).
It is good to sell on rallies around $1230 with SL around $1238 for the TP of $1200/$1183.
Major resistance - $1245 (200- W MA)
The yellow metal has shown a mild jump till $1234.60 yesterday and declined slightly from that level. It is currently trading around $1225.70.
U.S dollar index broken major resistance at 101.09 (daily Kijun-Sen) yesterday and jumped till 101.38. The index is facing strong resistance at 101.45 (50- day MA). Any minor bullishness can be seen above that level.
Gold major resistance is around $1234.60 (61.8% retracement of $1244.60 and $1219.75) and any break above targets $1245(200- WMA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, immediate support is around $1218 (100- day EMA) and any indicative break below targets $1211 (21- day EMA)/ $1204 (55- day EMA).
It is good to sell on rallies around $1230 with SL around $1238 for the TP of $1200/$1183.
