FxWirePro: Gold downside capped by 21- day EMA, good to buy on dips
Major resistance - $1260-$1264 (200- day MA and Feb 24th high). Major support - $1237 (21- day EMA). Gold recovered almost $10 from the yesterday low of $1239.80 on account of tepid US economic data. US Dollar index decl…
Major resistance - $1260-$1264 (200- day MA and Feb 24th high).
Major support - $1237 (21- day EMA).
Gold recovered almost $10 from the yesterday low of $1239.80 on account of tepid US economic data.
US Dollar index declined after forming a top at 100.65 level. DXY near term resistance is around 100.70 (55- day EMA) and any break above will take the pair till 100.97 (61.8% retracement of 102.26 and 98.86).
Technically, gold is facing major resistance around $1260-$1264 and any break above will take the yellow metal till $1273/$1280. The minor resistance is around $1252 (61.8% retracement of $1260.95 and $1239.70)/$1258.
On the lower side, short term support is at $1237 (21- day EMA) and any break below will drag the yellow metal till $1226 (100- day EMA)/$1219 (61.8% retracement of $1195 and $1261).
It is good to buy on dips around $1245-$1246 with SL around $1237 for the TP of $1258/$1261
