Gold Breaks Major Support $1256, Decline Till $1230 Is Possible - Good to Sell on Rallies

Gold Breaks Major Support $1256, Decline Till $1230 Is Possible - Good to Sell on Rallies

19 May 2016, 08:25
Roberto Jacobs
0
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Gold Breaks Major Support $1256, Decline Till $1230 Is Possible - Good to Sell on Rallies

  • Major support - $1256 (200 day 4H MA) 
  • Major intraday resistance - $1265 
  • The yellow metal has declined drastically on stronger dollar and declined 1.5% yesterday. 
  • Gold has broken major support $1256 and declined till $1254.95.it is currently trading around $1254.35. 
  • Any break above $1265 will take the commodity till $1275/$1282. 
  • Overall bearish invalidation only above $1303. 
  • On the lower side any break below $1256 will take the commodity down till $1242/$1230.

It is good to sell on rallies around $1260-$1263 with SL around $1275 for the TP of $1242/$1230

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