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FxWirePro
Dec 21, 2015 7:19 AM

Gold faces strong resistance at $1100,good to sell on rallies Short

Gold/U.S. DollarFXCM

Description

Gold has recovered from the low of $1046 and is currently trading around $1069. Short trend is still weak as long as resistance $1100 holds.

Any break above $1100 will take the commodity till $1120/1145.Overall bearish invalidation only above $1150 level. The minor resistance is around $1085.

On the downside minor support is at $1060 and break below targets $1040/$1026.

It is good to sell on rallies around $1075-80 with SL around $1100 for the TP of $1045/$1026
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