Gold prices has shown first back to back gains in nearly two weeks on slight weakness in US dollar and decline in global stock markets. The yellow metal has formed a low at $1214 and recovered till $1227. It is currently…
Gold prices has shown first back to back gains in nearly two weeks on slight weakness in US dollar and decline in global stock markets. The yellow metal has formed a low at $1214 and recovered till $1227. It is currently trading around $1226.
In the 4 hour chart the yellow metal is trading slightly above Tenkan-Sen and Kijun-Sen.
Technically gold is facing strong support at $1208 (50% retracement of $1122 and $1295) and any break below will drag the yellow metal down till $1200. It should break below $1195 (Mar 10th 2017 low) for further weakness.
On the higher side, near term resistance is around $1235 (55 4H EMA) and any break above targets $1245 (38.2% retracement of $1295 and $1214)/ $1256 (200 4H MA).
It is good to buy on dips around $1222 with SL around $1213 for the TP of $1234/$12..
