Major support- $1310
Major intraday resistance- $1328 (hourly Kijun-Sen)
The yellow metal declined sharply after Fed chairman Janet Yellen hints that there is the possibility of a rate hike in the future. Gold has fallen drastically after making a high of $1342 on Friday.
On the higher side, for the intraday gold should break above $1328 (hourly Kijun-Sen) for jump till $1337 (200 HMA)/$1340 (61.8% retracement of $1356.09 and $1314.87).
Technically the support is around $1310 and breaks below targets 1300/$1293 (100 day MA).
Overall bearish invalidation only above $1375.
It is good to sell on rallies around $1325-$1328 with SL around $1340 for the TP of $1311/$1300
Major intraday resistance- $1328 (hourly Kijun-Sen)
The yellow metal declined sharply after Fed chairman Janet Yellen hints that there is the possibility of a rate hike in the future. Gold has fallen drastically after making a high of $1342 on Friday.
On the higher side, for the intraday gold should break above $1328 (hourly Kijun-Sen) for jump till $1337 (200 HMA)/$1340 (61.8% retracement of $1356.09 and $1314.87).
Technically the support is around $1310 and breaks below targets 1300/$1293 (100 day MA).
Overall bearish invalidation only above $1375.
It is good to sell on rallies around $1325-$1328 with SL around $1340 for the TP of $1311/$1300
