FxWirePro: Gold trades slightly above $1200, jump till $1217 likely
Major support - $1176 (50- day MA). Major resistance - $1220 (100- day EMA) The yellow metal price inched higher and has broken pschycological resistance at $1200 on account of weaker dollar and also due to concerns over…
The yellow metal price inched higher and has broken pschycological resistance at $1200 on account of weaker dollar and also due to concerns over travel ban to the U.S for major Muslim countries. It is currently trading around $1202.
Gold awaits U.S Fed Monetary policy meeting on Wed for further direction. The index declined sharply after showing a jump till 101.02.It’s upside is capped by 20 –day EMA and any break above 101.05 will take the index to next level till 101.30/101.60.
Gold major intraday resistance is around $1205 (61.8% retracement of $1220.22 and $1180.50) and any break above targets $1209/$1217 (100- day EMA).
On the lower side, immediate support is around $1190 (21- day MA) and any indicative break below targets $1176(50- day MA)/ $1159 (61.8% retracement of $1122 and $1218.94).
It is good to buy on dips around $1200 with SL around $1190 for the TP of $1209/$1217.
