Major support - $1242 (90- W EMA). The yellow metal plummeted on Tuesday and continued to decline till Friday. It has closed around $1257.39 slightly below 200- day MA ($1259.95). Gold has declined sharply on account of …
The yellow metal plummeted on Tuesday and continued to decline till Friday. It has closed around $1257.39 slightly below 200- day MA ($1259.95).
Gold has declined sharply on account of strong U.S Dollar. U.S Dollar index (DXY) gained sharply from the low of 95.42 made on previous week till 97.19 this week.
The yellow metal has gained slightly in the today’s Asian session till $1264.50 at the time of writing.
The precious metal’s minor resistance is around $1273 and any violation above targets $1280(200- W MA)/ $1289 (3- W EMA)/$1299 (Weekly Tenken-Sen).It should close above $1300 for further bullishness.
On the lower side $1242 (90- W EMA) will be acting as major support any break below targets $1235/$1203 (100 W MA).
It is good to buy on dips around $1255-58 with SL around $1240 for the TP of $1280/$1299
