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InstaForex Loprais Team - Official participant of the Dakar rally

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InstaForex Loprais Team - Official participant of the Dakar rally

2016.10.2401:49:00UTC+00Fxwirepro: Gold Trades in Narrow Range, Good to Sell on Rallies

Major resistance- $1275 (23.6% retracement of $1375 and $1241).
Major intraday Support - $1250.
Gold jumped slightly 1% up in the previous week closed around $1265.41.It is currently trading around $1265.71.
The yellow metal has gained slightly in the previous week as the uncertainty surrounding the outcome of U.S election and Fed rate hike timing.US dollar index trades higher and breaks major resistance 98.60. It has closed slightly above that level.
On the higher side, major resistance is around $1275 (23.6% retracement of $1375.15 and $1241) and any break above confirms minor trend reversal. Any violation above targets $1277/$1284.58 (21- day MA).
The support is at $1250 and any violation below will drag the gold till $1226 (161.8% retracement of $1241 and 1264.93)/$1210.

It is good to sell on rallies around $1265-$1267 with SL around $1275 for the TP of $1250/$1241

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