FxWirePro: Gold faces strong support at $1200, good to buy on dips
Major support - $1207 (100- W MA) Gold has continued its weakness for the second week after Donald Trump elected as U.S president. It is currently trading around $1214. The yellow metal breaks the low made on previous we…
Gold has continued its weakness for the second week after Donald Trump elected as U.S president. It is currently trading around $1214.
The yellow metal breaks the low made on previous week $1218 and declined till $1212.46 at the time of writing.
The major support is around $1207 (100- W MA) and $1200.
Any close below that level confirms further weakness. The indicative break below $1200 will drag the yellow metal targets $1172 (61.8% retracement of $1046.50 and $1375).
The major resistance is around $1245 (50- W MA) and any break above targets $1264 (5- W MA)/$1270 (200- W MA).
It is good to buy on dips around $1215 with SL around $1200 for the TP of $1244/$1260.
