Major resistance - $1259 (trend line joining $1920 and $1795). Major support - $1237 (200- W MA). Gold recovered almost $13 this week and is trading slightly near to previous week high of $1261.It is currently trading ar…
Major resistance - $1259 (trend line joining $1920 and $1795).
Major support - $1237 (200- W MA).
Gold recovered almost $13 this week and is trading slightly near to previous week high of $1261.It is currently trading around $1255.
The main factor driving prices of gold are losing momentum of Trump trade and political unease in Europe.
US Dollar index upside capped by 55- day EMA at 100.70 and any break above will take the pair till 100.97 (61.8% retracement of 102.26 and 98.86)/101.35.
Technically, gold is facing major resistance around $1259 (trend line joining $1920 and $1795) and any break above will take the yellow metal till $1273/$1280.
On the lower side, short term support is at $1237 (200- W MA) and any break below will drag the yellow metal till $1230 (Weekly Kijun-Sen)/$1226 (21- W EMA)/$1219 (61.8% retracement of $1195 and $1261).
It is good to buy above $1259 with SL around $1250 for the TP of $1273/$1280.
