FxWirePro: Gold hits fresh three month high, good to buy on dips
Major support - $1220 (7- day EMA) Major resistance - $1248 (150- W MA) The yellow metal rose consecutive for the fifth day and hits fresh three month high yesterday on account of rising political risks in Europe. Gold m…
The yellow metal rose consecutive for the fifth day and hits fresh three month high yesterday on account of rising political risks in Europe. Gold made a high of $1244.93 and mildly declined from that level. It is currently trading around $1240.70.
According to date complied by Bloomberg shows that holdings in SPDR gold shares ETF rose 8.3 metric tons to 827 tons highest since Dec 20th.Investors flock back to gold on ucertainity over domestic and international policies of Donald Trump.
Gold major resistance is around $1248 (150- day MA) and any break above confirms major trend reversal, a jump till $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, immediate support is around $1220 (7- day EMA) and any indicative break below targets $1210 (10- day MA)/ $1198.
It is good to buy on dips around $1227-$1228 with SL around $1220 for the TP of $1250.
