FxWirePro: Gold faces psychological resistance at $1200, good to buy on dips
Major support - $1170 (61.8% retracement of $1375 and $1046) Minor resistance- $1208 (10- day MA) Gold has recovered sharply from the low of $1170 made on Friday. It is currently trading around $1192.28. The yellow metal…
Major support - $1170 (61.8% retracement of $1375 and $1046)
Minor resistance- $1208 (10- day MA)
Gold has recovered sharply from the low of $1170 made on Friday. It is currently trading around $1192.28.
The yellow metal‘s upside is capped by major pschycological resistance at $1200 and any break above targets $1208 (10- day MA)/$1221. Any close above $1200 confirms minor bullishness.
Short term bullishness only above $1235.
On the lower side, any break below $1170 will drag the commodity down till $1160/$1147 level.the minor support is around $1180
It is good to sell on rallies around $1188-$1190 with SL around $1170 for the TP of $1208/$1220
