FxWirePro: Gold trades higher on North Korea geopolitical tensions, good to buy on dips
Gold prices has shown good pull back after hitting one month low at $1214 level on account of weak U.S data and geopolitical tensions in North Korea. The yellow metal jumped almost $17 from the low. It is currently tradi…
Gold prices has shown good pull back after hitting one month low at $1214 level on account of weak U.S data and geopolitical tensions in North Korea. The yellow metal jumped almost $17 from the low. It is currently trading around $1230.95
North Korea reported today that it had successfully conducted a newly missile test on Sunday. Geopolitical tensions has been supporting the yellow metal at lower levels.
In the 4 hour chart the yellow metal is trading slightly above Tenkan-Sen and Kijun-Sen and also short term moving average.
Technically gold is facing strong support at $1214 (May 9th 2017 low) and any break below will drag the precious metal till $1208 (50% retracement of $1122 and $1295)/$1200/$1195. It should break below $1195 (Mar 10th 2017 low) for further weakness.
On the higher side, near term resistance is around $1233 (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 $1225 with SL around $1214 for the TP of $1245/$1248.
