FxWirePro: Gold faces strong resistance at 55- day EMA, good to buy on dips
Major support - $1275 (200- day MA) The yellow metal breaks major resistance $1284 high made on Oct 28th 2016 and jumped till $1293.17 on account of the tight race for US election and weak US dollar. Gold declined slight…
The yellow metal breaks major resistance $1284 high made on Oct 28th 2016 and jumped till $1293.17 on account of the tight race for US election and weak US dollar.
Gold declined slightly till $1275.63 yesterday and jumped sharply from that level. It is currently trading around $1291.15.
The yellow metal’s major support stands at $1275 (200- day MA) and any violation below will drag the pair down till $1264 (21- day MA)/$1260.
On the higher side, major resistance is around $1293 (55- day EMA) and any break above targets $1300/$1308 (50% retracement of $1375 and $1240).
It is good to buy on dips around $1285 with SL around $1275 for the TP of $1293/$1308
