Gold Daily outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
385 0 2
Gold             is struggling to close above $1200 for the past two days. This shows short term trend is slightly weak and decline till $1151 cannot be ruled out.

On the upside Gold             is facing resistance around $1212(20 day MA)-$1215 (100 day MA) and on break above would extend gains to $1225-$1232 ( 61.8% retracement of $1304.96 and $1188.385).

The commodity is facing support around $1190 and any further weakness can be seen only below that level. Any break below will target $1170/$1151.

Indicators ( Daily chart )
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell Gold             around $1203, SL $1226, Targets $1171/$1152.
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