FxWirePro: Gold trades in narrow range, good to buy at dips
Major support- $1290 (61.8% retracement $1250 and $1358/ 7 day EMA) Gold has slightly retreated after making a high of $1335 yesterday. It is currently trading around $1315. On the lower side, major short-term support …
Major support- $1290 (61.8% retracement $1250 and $1358/ 7 day EMA)
Gold has slightly retreated after making a high of $1335 yesterday. It is currently trading around $1315.
On the lower side, major short-term support is around $1290 and any violation below will drag the commodity down till $1280 (7 day EMA)/ $1257 (21 day MA)/$1250 (Jun 23rd low).
Overall bullish invalidation only below $1200.
The major resistance is around $1335 (161.8% retracement of $1358 and $1314) and any break above targets $1358/$1372.
It is good to buy at dips around $1310 with SL around $1290 for the TP of $1335/$1357.
