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FxWirePro: Gold faces strong resistance at $1358, good to buy on dips

  • Major resistance – $1332 (21-day MA).
     
  • Major support - $1321 (55- day EMA).
     
  • The yellow metal has broken major resistance at $1332 (21- day MA) and jumped till $1352.61 at the time of writing. It is currently trading around $1351.63.
     
  • Gold is facing major resistance around $1358 (Aug 16th 2016 high) and any break above targets $1367/$1375.
     
  • On the lower side, support stands at $1335 (daily Kijun-Sen) and any violation below targets $1327/$13.
     
  • Short term weakness only below $1300.

It is good to buy on dips around $1345-$1348 with SL around $1338 for the TP of $1$1357.85/$1367

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