FxWirePro: Gold trades higher on weak dollar, good to buy at dips
Major Support - $1242 (21 day EMA) Gold has broken major resistance $1256 (trend line joining $1303 and $1288) and jumped till $1266 at the time of writing. It is currently trading around $1261.8. Short term trend is bul…
Gold has broken major resistance $1256 (trend line joining $1303 and $1288) and jumped till $1266 at the time of writing. It is currently trading around $1261.8.
Short term trend is bullish as long as support $1242 holds.
On the higher side any break above $1256 will take the bullion till $1282/$1303.
Gold major support is around $1242 and any break below targets $1228/$1225.The minor support is around $1250.
Overall bullish invalidation only below $1200.
It is good to buy at dips around $1250 with SL around $1240 for the TP of $1266/$1282
