FxWirePro: Gold takes support near 200 HMA, good to buy on dips
Major resistance - $1325 (200 H MA). The yellow metal has made a high of $1345 yesterday an slightly declined from that level. It is currently trading around $1339. Any short term weakness can be seen only below $1325 (2…
The yellow metal has made a high of $1345 yesterday an slightly declined from that level. It is currently trading around $1339.
Any short term weakness can be seen only below $1325 (200 HMA).The break below short-term support $1325 will drag the commodity down till $1312/1297 (61.8% retracement of $1250 and $1375).
On the higher side, major intraday resistance is around $1347 (15th Jul 2016 high) and any indicative break above $1347 targets $1360/$1370.
It is good to buy on dips around $1332 with SL around $1324 for the TP of $1350/$1360.
