FxWirePro: Gold upside capped by 100 –day MA, market waits for NFP for further direction
Major support - $1199 (21- day MA) Major resistance - $1226 (100- day MA) The yellow metal has shown a mild jump above $1220 yesterday and declined slightly from that level.It is currently trading around $1213.82. Gold p…
The yellow metal has shown a mild jump above $1220 yesterday and declined slightly from that level.It is currently trading around $1213.82.
Gold price gained till $1226 yesterday and market awaits U.S NFP data which is to be released today for further direction. U.S economy is expected to have added 175k jobs in Jan compared to 156k in Dec. U.S Dollar index recovered sharply from the low of 99.23 yesterday. It is currently trading around 99.92.
Gold major intraday resistance is around $1226 (100- day MA) and any break above targets $1234/$1250.
On the lower side, immediate support is around $1199 (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 $1208 with SL around $1199 for the TP of $1234/$1250.
