Gold Daily Outlook

FX:XAUUSD   Gold / U.S. Dollar
564 0 3
Gold             has retreated after making a high of $1209 on account of better than expected U.S existing home sales data and overall trend is bearish as long as resistance $1228 holds. It has made a low of $1184 and currently trading around $1187.

U.S existing home sales rose to highest level in 18 months in March to 5.19M compared to forecast of 4.89M.The strong data bolstered the case for the Fed to raise interest rates in few months.

US Dollar index             closed at 98.04 after making a low of 97.42.Overall trend is still bullish as long as support 97 holds. The minor resistance is around 98.50 and above that level it can reach 98.90/99.69.

On the downside major support is around $1178 and any break below will drag the commodity further down till $1160/$1140 in short term.

Long term trend reversal below $1130.

The commodity short term resistance is around $1200 and any break above would extend gains till $1209/$1225.

Overall bullishness can be seen only if it closes above $1228 (200 day MA)

Indicators ( Daily chart )

CCI (50) - Sell

Woodies CCI (14) - Sell

Ichimoku - Sell

We prefer to go sell around $1205 with stop around $1228 for the targets of $1160/$1142.

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