Gold trades weaker , good to sell on rallies
Major Support - $1327.60 (daily Kijun-Sen)
Major intraday resistance -$1342 (Ichimoku cloud)
The yellow metal has fallen to a one-week low yesterday in the wake of first U.S president debate. Gold declined from the high of $1339.50 after Hillary Clinton beat Donald Trump in the first US Presidential debate
In the daily chart, Gold is facing strong resistance at $1342 (Ichimoku cloud). Any break above will take the yellow metal to next immediate resistance at $1349/$1352/$1357 in the short term. The minor resistance is around $1332.
The major support is around $1324 (55-day EMA) and any break below targets $1310/$1308 (100- day MA).
Short term weakness only below $1300.
It is good to sell on rallies around $1330-32 with SL around $1342 for the TP of $1315/1311
Major intraday resistance -$1342 (Ichimoku cloud)
The yellow metal has fallen to a one-week low yesterday in the wake of first U.S president debate. Gold declined from the high of $1339.50 after Hillary Clinton beat Donald Trump in the first US Presidential debate
In the daily chart, Gold is facing strong resistance at $1342 (Ichimoku cloud). Any break above will take the yellow metal to next immediate resistance at $1349/$1352/$1357 in the short term. The minor resistance is around $1332.
The major support is around $1324 (55-day EMA) and any break below targets $1310/$1308 (100- day MA).
Short term weakness only below $1300.
It is good to sell on rallies around $1330-32 with SL around $1342 for the TP of $1315/1311