Gold breaks 100-W MA, good to sell on rallies
Major resistance $1233 (Nov 16th high)
Major support - $1200
The yellow metal breaks the low of $1210 and declined till $1205.30 at the time of writing. It is currently trading around $1207.
Gold showed a slight recovery till $1231.45 yesterday and declined sharply from that level. It is currently trading around $1206.75.
On the higher side, resistance stands at $1223 (5- day MA) and any break above targets $1233/$1248 (200- HMA)/$1252 (10- day MA).
The major support is around $1207 (100- W MA) and any break below will drag the yellow metal down till $1200/$1172 (61.8% retracement of $1046.50 and $1375).
It is good to sell on rallies around $1210 with SL around $1223 for the TP of $1200/$1175
Major support - $1200
The yellow metal breaks the low of $1210 and declined till $1205.30 at the time of writing. It is currently trading around $1207.
Gold showed a slight recovery till $1231.45 yesterday and declined sharply from that level. It is currently trading around $1206.75.
On the higher side, resistance stands at $1223 (5- day MA) and any break above targets $1233/$1248 (200- HMA)/$1252 (10- day MA).
The major support is around $1207 (100- W MA) and any break below will drag the yellow metal down till $1200/$1172 (61.8% retracement of $1046.50 and $1375).
It is good to sell on rallies around $1210 with SL around $1223 for the TP of $1200/$1175