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Short

Gold: Sell below breakout

FX:XAUUSD   Gold/U.S. Dollar
331 0 8
Major intraday resistance -$1342 (200 HMA)

The yellow metal has made a high of $1338 yesterday and declined from that level. It is currently trading around $1331.67.

Gold             is trading in a very narrow range between $1338 and $1323.58 for the past three trading session.

The intraday bias is slightly weak and it is trading below hourly Tenkan-Sen and Kijun-Sen. The major intraday support is around $1325 (trend line joining $1320 and $1323). Any intraday weakness can be seen only below $1325.A break below targets $1316/$1309

On the higher side, any violation above $1342 takes the yellow metal till $1357/$1365.

Indicators (hour chart)

CCI (50) – buy

ADX (14) - Buy
It is good to sell below $1325 with SL around $1333 for the TP of $1316/$1309


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