Fxwirepro: Gold Faces Strong Support Around $1040, Good to Sell on Rallies

  • Gold has declined after making a high of $1081.70 and is currently trading around $1062. Short trend is still weak as long as resistance $1100 holds.
  • The commodity has broken minor support $1060 and this confirms minor trend reversal, a decline till $1045 is possible.
  • The major support is around $1040 level and break below targets $1026/$1000
  • On the higher side major resistance is around $1100 will take the commodity till $1120/$ bearish invalidation only above $1150 level. The minor resistance is around $1085.

It is good to sell on rallies around $1075-80 with SL around $1100 for the TP of $1045/$1026

The material has been provided by InstaForex Company – www.instaforex.com

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