FXWirePro: Gold trades slightly above 21- day MA, good to buy on dips
Thursday, September 22, 2016 5:59 AM UTC
- Major Support - $1305 (100- day EMA)
- Major intraday resistance -$1342 (61.8% retracement of $1367.30 and $1302.50)
- The yellow metal hits highest level since Sep 9th after US Fed kept its interest rates unchanged in Sep meeting, but signalled that possibility of rate hike likely before year’s end. . Gold breaks major resistance $1323 (55- day EMA) and jumped till $1337 yesterday.
- In the daily chart, Gold is facing strong resistance at $1343. Any break above will take the yellow metal to next immediate resistance at $1349/$1352/$1357 in the short term.
- The major support is around $1329 (daily Kijun-Sen) and any break below targets $1323 (55- day EMA) /$1310/$1305 (100- day MA).
- Short term weakness only below $1300.
It is good to buy on dips around $1332 with SL around $1323 for the TP of $1348/$1352
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