Gold: Sell on rallies

FX:XAUUSD   Gold Spot / U.S. Dollar
345 0 12
Major support - $1330( 61.8% retracement of $1310.71 and $1367.15).

Major resistance- $1338 (21 day MA).

Gold             jumped slightly from the low of $1329.79 but not able to break above 21 day MA. It is currently trading around $1333.71.

The intraday bullishness can be seen only above $1338 level.

On the higher side minor resistance is around $1338 (21 day MA) and any break above targets $1344/$1347.Any break above $1347 will take the commodity to next level till $1360/$1365.

Technically any break below $1330 will drag the gold             down till $1325/$1315/$1310.

Short term weakness only below $1300.

It is good to sell on rallies around $1337 with SL around $1347 for the TP of $1329/$1325.
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