Gold faces strong resistance at $1358, good to sell on rallies
Major resistance - $1368
Major support - $1330
The yellow metal has once again retreated till $1340 at the time of writing after making a high of $1357.96 yesterday and it is currently trading at $1338.
The major resistance is at $1358 (Aug 10th high) and any break above targets $1368/$1375 in the short term.
On the lower side, support stands at $1338 (21 day MA) and break below will drag the commodity down till $1330/$1315 (55 day EMA)/$1295.
It is good to sell on rallies around $1345-1348 for the TP of $1358 for the TP of $1331/$1316.
Major support - $1330
The yellow metal has once again retreated till $1340 at the time of writing after making a high of $1357.96 yesterday and it is currently trading at $1338.
The major resistance is at $1358 (Aug 10th high) and any break above targets $1368/$1375 in the short term.
On the lower side, support stands at $1338 (21 day MA) and break below will drag the commodity down till $1330/$1315 (55 day EMA)/$1295.
It is good to sell on rallies around $1345-1348 for the TP of $1358 for the TP of $1331/$1316.