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Short

Gold Short term outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
365 1 9
Major support - $1257 (200 4H EMA )

Major resistance - $1315 (200 W MA)

The yellow metal rose for the seventh straight sessions and jumped till $1315 on account of diminished US Fed rate hike and Brexit uncertainty.

The pair has pared its losses yesterday following the news that British lawmaker Jo Cox died following shooting attack.

Gold             retreated till $1277 and slightly recovered from that level. It is currently trading around $1283.

The minor support of Gold             is around $1274 (7 day EMA ) and any break below will drag the pair down till $1257 (200 4H MA)/$1242 ( 61.8% retracement of $1199 and $1315).

On the higher side any break above $1315 will take the gold             to next level at $1339/$1350

Overall trend reversal only below $1200.

In daily chart bearish divergence has formed in CCI (50) and RSI (14) and short-term correction is likely till $1242.

It is good to sell on rallies around $1300 with SL around $1315 for the TP of $1258/$1243




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