Gold is trading in a tight range holding its support at the level of $1,220. On the upper side it facing selling pressure from the level of $1250. Until it breaks either side, we can't see further move. We could recommend selling on rallies.
In the daily charts the momentum indicators show a mixed bag, a majority of sell signal. In Asia's trading session gold is trading at the level of $1,233. Until it trades above the level of $1,226 further up move chances for the level of $1,245.В
In the hourly charts the momentum indicators clearly show a sell signal in the intraday basis.
Resistance $1,237, $1,245
Support В $1,228, В $1,223
We recommend sell on rise. Strong resistance at the level of $1,268. Intraday we expect $1,220-$1,218.В
