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Short

Gold:Sell on rallies

FX_IDC:XAUUSD   GOLD / US DOLLAR
335 0 9
Major intraday resistance- $1190 (7- day EMA)

Major intraday support - $1160

Gold             breaks the low of $1170.63 yesterday on account of upbeat U.S economic data and stronger U.S dollar. The yellow metal jumped slightly after hitting fresh 11- month low. It is currently trading around $1175.

According to Fed fund futures tracked by CME             shows that probability of rate hike by Fed by this Dec is now at 94% .

The yellow metal‘s upside is capped by 7- day EMA ($1190) and also major psychological resistance at $1200.Any indicative break above $1200 targets $1210 (23.6% retracement of $1337 and $1171.07)/$1221.

Short term bullishness only above $1235.

On the lower side, any break below $1160 will drag the commodity down till $1147/$1130 level.

It is good to sell on rallies around $1180-85 with SL around $1200 for the TP of $1160/$1147



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