FxWirePro: Gold breaks trend line support at $1209, dip till $1187 is possible
Major support - $1209 (tend line joining $1145.90 and $1195). Major resistance - $1220 (100- day EMA). The yellow metal has broken trend line support at $1209 and declined till $1204.60 at the time of writing. It is curr…
Major support - $1209 (tend line joining $1145.90 and $1195).
Major resistance - $1220 (100- day EMA).
The yellow metal has broken trend line support at $1209 and declined till $1204.60 at the time of writing. It is currently trading around $1205.30.
In the daily chart gold is trading slightly below 7- day MA and it should close below that level for further weakness.
Gold major resistance is around $1220 (100- day EMA) and any break above targets $1234/$1247 (50% retracement of $1375 and $1122) in the short term.
On the lower side, immediate support is around $1204 (10- day MA) and any indicative break below targets $1199 (60- day EMA)/ $1173 (daily Kijun-Sen)/$1159 (61.8% retracement of $1122 and $1218.94).
It is good to sell on rallies around $1207-$1209 with SL around $1220 for the TP of $1187.
