FxWirePro: Gold faces strong support at 55- H EMA, good to buy on dips
Major Intraday Support - $1292 (55- H EMA) Major resistance- $1308 The yellow metal breaks major psychological $1300 and jumped till $1307.78 yesterday. On the higher side, major resistance is around $1308 (50% retraceme…
The yellow metal breaks major psychological $1300 and jumped till $1307.78 yesterday.
On the higher side, major resistance is around $1308 (50% retracement of $1375 and $1241) and any break above will take the yellow metal till $1315/$1323.
The minor support is at $1292 and any violation below will drag the yellow metal down till $1282 (38.2% retracement of $1241 and $1307.99)/$1275 (200- HMA).
CCI (50) - Buy
ADX- Buy (strength is declining)
It is good to buy on dips around $1300 with SL around $1292 for the TP of $1314/$1322
