FxWirePro: Gold trades weak after hawkish comments by Fed Dudley, good to sell on rallies – EconoTimes

This post was originally published and is credit to this site


FxWirePro: Gold trades weak after hawkish comments by Fed Dudley, good to sell on rallies

  • Gold fell to a near 5- week low on Monday on account of firmer dollar. U.S dollar rose against all major pairs after hawkish comments from Fed top official Dudley. The yellow metal declined almost $12 yesterday and is currently trading around $1245.61.
     
  • Dollar strengthens after positive comments from New York Fed President William Dudley. He mentioned inflation will gradually get back to 2% and labor market continues to tighten further.
     
  • In the daily chart, gold’s near term support is around $1239 (100-MA) and break below will drag the commodity down till $1229 (38.2% retracement of $1126 and $1296).
     
  • On the higher side, minor resistance is around $1255 (55- EMA) and any break above will take the commodity till $1263 (38.2% retracement of $1296 and $1243) /$1269 (daily Kijun-Sen).

It is good to sell on rallies around $1250-$1252 with SL around $1263 for the TP of $1240/$1229. 

Editor’s Picks

New Study Could End Insulin Dependence Of Type-1 Diabetics

Infertility in men could point to more serious health problems later in life

Electrically stimulating your brain can boost memory – but here’s one reason it doesn’t always work

Fainting and the summer heat: Warmer days can make you swoon, so be prepared

Why bad moods are good for you: the surprising benefits of sadness

Here’s why ‘cool’ offices don’t always make for a happier workforce

Four myths about diabetes debunked

What are ‘fasting’ diets and do they help you lose weight?

Placebos work even when patients know what they are