Gold faces strong support at 21 W MA, good to sell on rallies
Major resistance- $1250 (10 day WMA)
Major support - $1214 (21 W MA)
Gold has broken major support $1242 and declined till $1225 yesterday. It is currently trading around $1227.
On the higher side resistance is around $1250 and break above targets $1260/$1267 in short term. The minor resistance is around $1243 (support turned into resistance).
The yellow metal support is around $1225 and any indicative break below will drag the commodity down till $1214/1205.
Overall bullish invalidation only below $1200.
It is good to sell on rallies around $1235 with SL around $1250 for the TP of $1215/$1205
Major support - $1214 (21 W MA)
Gold has broken major support $1242 and declined till $1225 yesterday. It is currently trading around $1227.
On the higher side resistance is around $1250 and break above targets $1260/$1267 in short term. The minor resistance is around $1243 (support turned into resistance).
The yellow metal support is around $1225 and any indicative break below will drag the commodity down till $1214/1205.
Overall bullish invalidation only below $1200.
It is good to sell on rallies around $1235 with SL around $1250 for the TP of $1215/$1205
