FxWirePro: Gold faces strong resistance at $1355, good to buy on dips
Major resistance - $1338 (21 day MA). The yellow metal has slightly retreated after making a high of $1354.75. It is currently trading around $1348.80.. Any short term weakness can be seen only below $1338 (21 day MA).Th…
The yellow metal has slightly retreated after making a high of $1354.75. It is currently trading around $1348.80..
Any short term weakness can be seen only below $1338 (21 day MA).The break below short-term support $1338 will drag the commodity down till $1329 (200 HMA)/$1315.
On the higher side, major intraday resistance is around $1355 (29th Jul 2016 high) and any indicative break above $1355 targets $1360/$1370.
It is good to buy on dips around $1345-47 with SL around $1338 for the TP of $1360/$1374.
