Potential reversal Zone (PRZ) - $1222 (daily Kijun-Sen). The yellow metal hits one week low yesterday at $1222 and recovered sharply around $13 due to slight profit booking in U.S dollar index.It is currently trading aro…
Potential reversal Zone (PRZ) - $1222 (daily Kijun-Sen).
The yellow metal hits one week low yesterday at $1222 and recovered sharply around $13 due to slight profit booking in U.S dollar index.It is currently trading around $1234.
The yellow metal upside potential is capped due to increased probability of rate hike by Fed in Mar.US Dollar index declined sharply after jumping till 102.26. It is currently trading around 101.37.
On the higher side, $1262 (200- day MA) will be acting as major resistance and any further bullishness only if it closes above that level. Any daily close above $1262 will target $1278 (61.8% retracement of $1375.20 and $1122.70). The minor resistance is at $1250.
The immediate support is around $1222 (daily Kijun-Sen) and any close below targets $1213 (100- day MA)/$1206.
It is good to sell on rallies around $1237-$1239 with SL around $1250 for the TP of $1222/$1216.
