Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold jumps slightly on festive demand, good to buy above $1280

  • Major resistance- $1280 (trend line joining $1273.35 and $1274.50)
     
  • Major intraday Support - $1250
     
  • Gold breaks minor resistance around $1275 and jumped slightly till $1276.67 on account demand in India due to festival season. It is currently trading around $1274.35.
     
  • The festival season Diwali is most popular for buying Gold in the countries such as India. So the demand is expected to increase till the festival ends. But strong dollar and Fed rate hike fear. US dollar index declined slightly after making a high of 99.12. It is trading around 98.77.
     
  • On the higher side, major resistance is around $1280 (trend line joining $1273.35 and $1274.50) and any break above confirms minor trend reversal. Any violation above targets $1295.55 (55- day EMA/$1305(50- day MA).the minor support is around $1267.
     
  • The support is at $1260 and any violation below will drag the gold till $1250/$1240 (Oct 7th low).

It is good to buy above $1280 with SL around $1267 for the TP of $1295/$1305.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.