FxWirePro: Gold trades firm, market awaits Trump-Xi meeting for further direction
Major resistance - $1261.50 (trend line joining $1920 and $1795). Major support - $1240 (21- day EMA). Gold prices hovering around one month high on account of Donald Trump meeting with Xi Jinping and is currently tradin…
Major resistance - $1261.50 (trend line joining $1920 and $1795).
Major support - $1240 (21- day EMA).
Gold prices hovering around one month high on account of Donald Trump meeting with Xi Jinping and is currently trading around $1254.56.
Gold prices inched higher in the Asian session as house speaker Paul Ryan said tax reforms will take more time to accomplish than healthcare.
US Dollar index shown a mild jump above 55- day EMA at 100.70 and any close above will take the pair till 100.97 (61.8% retracement of 102.26 and 98.86)/101.35.
Technically, gold is facing major resistance around $1261.50 (trend line joining $1920 and $1795) and any break above will take the yellow metal till $1273/$1280.
On the lower side, short term support is at $1240 (21- day EMA) and any break below will drag the yellow metal till $1228 (daily Kijun-Sen)/ $1219 (61.8% retracement of $1195 and $1261).
It is good to buy on dips around $1250-$1252 with SL around $1240 for the TP of $1262/$1273.
