FxWirePro: Gold downside capped by 7- day MA, good to buy on dips
Major resistance - $1207 (Jan 12th high). Major support - $1189 (trend line joining $1146 and $1177). The yellow metal recovered sharply after declining till $1187.Gold has once broken psychological resistance at $1200 a…
Major support - $1189 (trend line joining $1146 and $1177).
The yellow metal recovered sharply after declining till $1187.Gold has once broken psychological resistance at $1200 and is currently trading around $1205.86
US 10- year bond yield pares its weekly losses on Friday after better than expected U.S retail sales data. The bond yield rose from the low of 2.31% till 2.43%. It should break above 2.45% for further bullishness.
Gold major resistance is around $1216.25 (89- day EMA) and any break above targets $234/$1247 (50% retracement of $1375 and $1122) in the short term.
On the lower side, immediate support is around $1185 (7- day EMA) and any indicative break below targets $1174 (30- day EMA)/$1164 (daily Kijun-Sen)/$1155 (61.8% retracement of $1122 and $1207).The minor support is around $1197.
It is good to buy on dips around $1202-$1204 with SL around $1197 for the TP of $1216/$1234
