FxWirePro: Gold hits five month high on U.S attack on Syria, good to buy on dips
Friday, April 7, 2017 6:34 AM UTC
- Gold hits five month high after U.S military launched missile attack against Syrian base. The yellow metal broken the high of $1261.25 the high formed on Apr 4th 2017 and jumped till $1263.50.
- On the higher side any break above trend line resistance will confirms minor bullishness. Any break above trend line will take the gold till $1275 (161.8% retracement of $1261 and $1239.388)/$1279 (61.8% retracement of $1375 and $1122)/$1307.
- The minor support is around $1250 (23.6% retracement of $1195 and $1269.60) and any break below targets $1242 (21- day EMA)/$1228 (daily kijun-sen).
- Short term bullish invalidation only below $1195.13.
It is good to buy on dips around $1258-$1260 with SL around $1250 for the TP of $1273/$1279.