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Short

Gold: Intraday Trade idea

FX:XAUUSD   Gold Spot / U.S. Dollar
284 1 9
Major intraday resistance -$1347 (90 H EMA )

The yellow metal has made a high of $1347 and declined from that level. It is currently trading around $1337.

The intraday bias is weak and is trading slightly below Tenkan-Sen ($1342.70) and Kijun-Sen ($1337). So a slight dip till $1327/$1318 is possible.

On the higher side, any violation above $1347 will take the yellow metal till $1353 (200 HMA )/$1357.

Indicators (hourly chart)

CCI (50) – Sell

ADX (14) - Neutral

It is good to sell on rallies around $1338-$1340 with SL around $1347 for the TP of $1328/$1320

TP reached. Now what?
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