Gold prices declined almost $10 on account of profit booking. The yellow metal hits high of $1295 yesterday on rising geopolitical tension over North Korea and French elections.
Geopolitical tensions over North Korea escalated recently. The presence of the U.SD naval feet in the Korean peninsula and North Korea failed to launch a missile on Sunday from Sinpo, a city on North Korea’s eastern coast has increased the demand of gold.
U.S dollar index has once again recovered after making a low of 100. Any break above 100.66 (55- day EMA) will take the index till 101/101.35. Minor weakness can be seen only below 100 level.
On the higher side, any break above $1300 will take the yellow metal till $1306 (161.8% retracement of $1263.87 and $1195.12)/$1332.
The major near term support is around $1270 (7- day MA) and any break below will drag the yellow metal down till $1256 (200- day MA)/ $1244 (50% retracement of $1195 and $1295).
It is good to sell on rallies around $1287-$1289 with SL around $1300 for the TP of $1272/$1260.
Geopolitical tensions over North Korea escalated recently. The presence of the U.SD naval feet in the Korean peninsula and North Korea failed to launch a missile on Sunday from Sinpo, a city on North Korea’s eastern coast has increased the demand of gold.
U.S dollar index has once again recovered after making a low of 100. Any break above 100.66 (55- day EMA) will take the index till 101/101.35. Minor weakness can be seen only below 100 level.
On the higher side, any break above $1300 will take the yellow metal till $1306 (161.8% retracement of $1263.87 and $1195.12)/$1332.
The major near term support is around $1270 (7- day MA) and any break below will drag the yellow metal down till $1256 (200- day MA)/ $1244 (50% retracement of $1195 and $1295).
It is good to sell on rallies around $1287-$1289 with SL around $1300 for the TP of $1272/$1260.
