FxWirePro: Gold downside capped by 21- day MA, good to buy on dips
Major support - $1196 (21- day MA). Major resistance - $1217 (100- day EMA) The yellow metal has shown a decline till $1198 and recovered sharply from that level. It is currently trading around $1216.50. Gold price gaine…
The yellow metal has shown a decline till $1198 and recovered sharply from that level. It is currently trading around $1216.50.
Gold price gained from the low of $1198 yesterday after Fed kept its interest rates unchanged. U.S Dollar index has shown a slight jump above 100 and started to decline from that level. It is facing major support at 99.40 and any break below targets 98.30.
Gold major intraday resistance is around $1217 (100- day EMA) and any break above targets $1234/$1250.
On the lower side, immediate support is around $1190 (21- day MA) and any indicative break below targets $1176(50- day MA)/ $1159 (61.8% retracement of $1122 and $1218.94).
It is good to buy on dips around $1212-$1214 with SL around $1204 for the TP of $1234/$1250.
