Gold trades below 55- EMA, good to sell on rallies
• Gold continuing its third straight session selling on account of firmer dollar and strong economic data. The yellow metal declined till $1251.35 yesterday and is currently trading around $1252.18.
•U.S jobless claims dropped by 8K to a seasonally adjusted 237000 for the week ended June 10, the Labor department said on Thursday. The decrease in number of Americans filing for unemployment benefits confirms labor market is improving and the chance of Fed to hike interest rates once again this year.
•In the daily chart , gold’s near term support is around $1249 (89-EMA) and break below will drag the commodity down till $1240 (200- MA)/$1229 (38.2% retracement of $1126 and $1296).
•On the higher side, minor resistance is around $1279 (61.8% retracement of $1296 and $1257.30) will take the commodity to next level till $1296/$1310.
It is good to sell on rallies around $1258-$1260 with SL around $1273 for the TP of $1240/$1229.
•U.S jobless claims dropped by 8K to a seasonally adjusted 237000 for the week ended June 10, the Labor department said on Thursday. The decrease in number of Americans filing for unemployment benefits confirms labor market is improving and the chance of Fed to hike interest rates once again this year.
•In the daily chart , gold’s near term support is around $1249 (89-EMA) and break below will drag the commodity down till $1240 (200- MA)/$1229 (38.2% retracement of $1126 and $1296).
•On the higher side, minor resistance is around $1279 (61.8% retracement of $1296 and $1257.30) will take the commodity to next level till $1296/$1310.
It is good to sell on rallies around $1258-$1260 with SL around $1273 for the TP of $1240/$1229.
