FxWirePro: Gold trades higher on Trump’s health care bill collapses, good to buy on dips
Gold recovered almost $35 from the low of $1204 made on Jul 10th 2017. The yellow metal jumped till $1238 and is currently trading around $1237.55. Euro jumped sharply and hits fresh 52 week high yesterday after rejectio…
Gold recovered almost $35 from the low of $1204 made on Jul 10th 2017. The yellow metal jumped till $1238 and is currently trading around $1237.55.
Euro jumped sharply and hits fresh 52 week high yesterday after rejection of Trump health care bill by two more republican senators. Republican senators Mike Lee of Utah and Jerry Moran of Kansas has opposed the health care bill and dollar collapsed sharply against all pairs.
Gold’s near term support is around $1220 (10- day MA) and break below will drag the commodity down till $1207 (50% retracement of $1296 and $1122)/$1195. The yellow metal should break below $1180 for major trend reversal.
On the higher side, in the daily chart minor resistance is around $1243 (55- EMA) and any break above will take the commodity till $1250/$1258.
It is good to buy on dips around $1230 with SL around $1219 for the TP of $1243/$1250.
