FXWirePro: Gold upside capped by Ichimoku cloud, good to buy on dips
Major Support - $1329.35 (daily Kijun-Sen) Major intraday resistance -$1343 (61.8% retracement of $1367.30 and $1302.50, Ichimoku cloud) The yellow metal’s two-day stalls at $1340. Gold has seen a slight profit taking af…
Major intraday resistance -$1343 (61.8% retracement of $1367.30 and $1302.50, Ichimoku cloud)
The yellow metal’s two-day stalls at $1340. Gold has seen a slight profit taking after a 2% jump since the Fed decided to keep its interest rate unchanged .But the upside for Gold is expected to be limited as increased chance of rate hike by Fed this year end.
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
