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2017.01.0900:54:00UTC+00Fxwirepro: Gold Intraday Trade Idea
Major resistance - $1188
Major support - $1152 (200- H MA)
The yellow metal has made a high of $1183 and declined sharply from that level. It is currently trading around $1174.
US 10- year bond yield shown a slight jump till 2.42% from low of 2.34% after US Non farm payrolls.The yield is trading slightly below 2.45% (200- HMA) and a break above confirms 2.52%. It is currently trading around 2.42%.
Gold major resistance is around $1188 (Dec 5th high) and any break above targets $1200 in the short term.
On the lower side, immediate support is around $1172 (60- H EMA) and any indicative break below targets $1161 (61.8% retracement of $1145 and $1188)/$1156 (200- HMA). It is good to sell on rallies around $1175-77 with SL around $1185 for the TP of $1161/$1156.
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