FxWirePro: Gold upside capped by trend line resistance, good to buy on dips
Major resistance - $1261.50 (trend line joining $1920 and $1795). Major support - $1240 (21- day EMA). Gold prices firmed yesterday and hits fresh one week high and is currently trading around $1255. Markets awaits Donal…
Major resistance - $1261.50 (trend line joining $1920 and $1795).
Major support - $1240 (21- day EMA).
Gold prices firmed yesterday and hits fresh one week high and is currently trading around $1255.
Markets awaits Donald Trump and Chinese President Xi Jinping meeting later this week for further direction.
US Dollar index upside capped by 55- day EMA at 100.70 and any close above will take the pair till 100.97 (61.8% retracement of 102.26 and 98.86)/101.35.
Technically, gold is facing major resistance around $1261.50 (trend line joining $1920 and $1795) and any break above will take the yellow metal till $1273/$1280.
On the lower side, short term support is at $1240 (21- day EMA) and any break below will drag the yellow metal till $1228 (daily Kijun-Sen)/ $1219 (61.8% retracement of $1195 and $1261).
It is good to buy on dips around $1250-$1252 with SL around $1240 for the TP of $1262/$1273.
