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2017.04.2402:37:00UTC+00Fxwirepro: Gold Trades Lower on French First Round Election, Good to Sell on Rallies
Gold declined almost $25 lowest in two weeks after centrist candidate Emmanuel Macron won the first round of French election. The yellow metal is currently trading around $1271.89.
The yellow metal tumbled and touched low of $1265 in the Asian session. Centrist candidate Emmanuel Macron on track by winning the first round of voting and qualifying for a May 7 runoff.
Gold has taken support near 21- day EMA and slightly jumped from that level. Any violation below 21- day EMA will drag the commodity down till $1255 (200- day MA)/ $1245 (50% retracement of $1195 and 1295)/$1238 (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 $1275-$1277 with SL around $1284 for the TP of $1256.
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