Gold struggles to break above 21- day MA,good to sell on rallies
Major resistance - $1332 (21- day MA)
The yellow metal has recovered till $1326.16 yesterday and declined from that level. It is currently trading around $1321.
The major support is around $1307 (90- day EMA) and any break below that level will drag the yellow metal down till $1297 (23.6% retracement of $1375 and $1047)/$1285 (50% retracement of $1199 and $1375.
Gold is facing major intraday resistance around $1330 (21- day MA) and any break above targets $1345 (61.8% retracement of $1352.61 and $1335)/$1352.
Short term weakness only below $1300.
It is good to sell on rallies around $1325 with SL around $1332 for the TP of $1314/$1307
The yellow metal has recovered till $1326.16 yesterday and declined from that level. It is currently trading around $1321.
The major support is around $1307 (90- day EMA) and any break below that level will drag the yellow metal down till $1297 (23.6% retracement of $1375 and $1047)/$1285 (50% retracement of $1199 and $1375.
Gold is facing major intraday resistance around $1330 (21- day MA) and any break above targets $1345 (61.8% retracement of $1352.61 and $1335)/$1352.
Short term weakness only below $1300.
It is good to sell on rallies around $1325 with SL around $1332 for the TP of $1314/$1307