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Short Gold: Sell on rallies : FxWirePro | October 30, 2017



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• Gold -0.30% declined sharply in the previous week after hawkish AAP taper by ECB. The yellow metal declined till $1265 3- week low on strong US dollar -0.10% and rising 10- year bond yields. It is currently trading around $1271.40.



• QE tapering by major central banks ECB and FED is the main reason for decline in the gold -0.30% prices decline. ECB tapers Asset purchase program (AAP) to 30 billion euros from 60 billion euros. That means ECB QE will collapse from 720B euros to 270b euros.



• US Dollar index -0.10% has shown a minor decline from the high 95.15. The index dipped till 94.78 and is currently trading around 94.78. The index is facing strong resistance at 95.25 (61.8% fibo) and any break above targets 96.51 level. It is currently trading around 94.81. The pair is facing major support near 93.95 (7- day MA) and any break below confirms minor weakness till 93.51 (55- day EMA )/92.60 likely.



• Technically gold -0.30% is facing near term resistance around $1274 (23.6% retracement of $1305 and $1265) and any break above will take the pair to next level till $1284/$1291. Overall bullish continuation can be seen if it closes above $1300 (50- day MA).



• Gold’s near term support is around $1262 ( 61.8% retracement of $1204 and $1357.90) and break below will drag the commodity down till $1250.The yellow metal should close below $1250 for major trend reversal.



It is good to sell on rallies around $1275-77 with SL around $1284 for the TP of $1262/$1250.



 



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