FxWirePro: Gold hits fresh five month on geopolitical tensions, good to buy on dips
Gold hits fresh five month high of $1279 yesterday on account of geopolitical tension in Syria and North Korea. The yellow metal gained sharply after U.S launched an air strike on targets in Syria as a direct response to…
Gold hits fresh five month high of $1279 yesterday on account of geopolitical tension in Syria and North Korea.
The yellow metal gained sharply after U.S launched an air strike on targets in Syria as a direct response to a recent alleged chemical attack by Syrian government.
On the higher side, any break above $1275 (161.8% retracement of $1261 and $1239.388) will take the yellow metal till $1280/$1306(161.8% retracement of $1263.87 and $1195.12).
The major near term support is around $1256 (200- day MA) and any break below will drag the yellow metal down till $1246 (38.2% retracement of $1195 and $1279)/$1235 (daily Kijun-Sen)/$1228.
It is good to buy on dips around $1265 with SL around $1255 for the TP of $1300/$1306.
