- Gold edged slightly up from 5- week low on account of weaker U.S treasury yields and political tension. U.S 10 year treasury yields flattened to lowest in nearly a decade. The yellow metal recovered around $13 from the low of $1240 and is currently trading around $1252.46.
- The yellow metal rose on Wed as an oil price slump pushed down stock markets and weaker U.S dollar.
- Gold’s near term support is around $1239 (100-MA) and break below will drag the commodity down till $1229 (38.2% retracement of $1126 and $1296). The yellow metal has taken support near 100- day MA and any further weakness can be seen only below this level.
- On the higher side, in the 4 hour chart minor resistance is around $1255 (200- 4H MA) and any break above will take the commodity till $1266 (100- 4H MA)/$1263 (38.2% retracement of $1296 and $1243) /$1269 (daily Kijun-Sen).
It is good to buy on dips around $1244-$1245 with SL around $1239 for the TP of $260/$1263.
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