Fxwirepro: Gold Trades Below 21- Ema, Dip Till $1245 Likely

  • Gold continued its loosing streak for third consecutive days despite a slump in dollar as investors favor risky assets such as stocks compared to gold and yen.  The yellow metal declined almost $15 yesterday and is currently trading around $1263 0.06% lower.
     
  • Gold price dropped to two weeks low as recent polls shows easy win for centric EU candidature  Emmanuel Macron.   
     
  • U.S 10 year bond yield shown a huge jump from the low of 2.18% and hits two week high around 2.33% on account of French first round election result.
     
  • Gold has broken major support at 21- EMA at $1266 and declined till $1261 at the time of writing. The near term support stands at $1256 (200- day MA) and any break below will dag the commodity till $1245 (50% retracement of $1195 and 1295)/$1239 (100- day EMA).
     
  • On the higher side, near term resistance is around $1284 (61.8% retracement of $1295 and $1265) and any break above targets $1295/$1300/$1313 (161.8% retracement of $1295 and $1265).

    It is good to sell on rallies around $1265-$1267 with SL around $1280 for the TP of $1256/$1245. 

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

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