FxWirePro: Gold upside capped by 7- day EMA, good to buy on dips
Major resistance $1225 (7-day EMA) Major support - $1200 The yellow metal recovers sharply after declining till $1205.83 and is currently trading around $1216. Gold upside is capped by 7 – day EMA ($1225) and any break a…
The yellow metal recovers sharply after declining till $1205.83 and is currently trading around $1216.
Gold upside is capped by 7 – day EMA ($1225) and any break above confirms minor bullishness, a jump till $1233 is possible. .
On the higher side, resistance stands at $1225 (7- day EMA) and any break above targets $1243 (23.6% retracement of $1375 and $1202.50)/$1259 (21-day- MA).
The major support is around $1200 and any break below will drag the yellow metal down till $1180 (161.8% retracement of 1241.50 and $1337)/$1172 (61.8% retracement of $1046.50 and $1375).
It is good to buy on dips around $1215 with SL around $1205 for the TP of $1233/$1243
