FxWirePro: Gold trades slightly above 200- day MA, good to buy on dips
Major resistance - $1265 (200- day MA). Gold jumped slightly after a continuous downtrend on account of ECB monetary policy meeting . It is currently trading around $1271.60. The yellow metal climbed to the best leve…
Gold jumped slightly after a continuous downtrend on account of ECB monetary policy meeting . It is currently trading around $1271.60.
The yellow metal climbed to the best level in two weeks and market awaits final of the three U.S Presidential debates that may idea of the economic policy plans by Donald Trump and Hillary Clinton.
Gold breaks above major 200 –day MA resistance at $1265 and jumped till $1273.35 yesterday.
On the higher side, major resistance is around $1274.28 (23.6% retracement of $1375.15 and $1241) and any violation above that level will take the yellow metal to next level till $1288 (21- day MA)/$1300.
Gold’s major support is around $1240 and any short-term weakness can be seen only below that level. Any break below targets $1226 (161.8% retracement of $1241 and 1264.93)/$1210.
It is good to buy on dips around $1265-67 with SL around $1255 for the TP of $1278/$1288.
