Gold hits one and half month high on Friday on account of declining U.S dollar and weaker than expected U.S economic data. The yellow metal jumped till $1271.25 at the time of writing and is currently trading around $126…
Gold hits one and half month high on Friday on account of declining U.S dollar and weaker than expected U.S economic data. The yellow metal jumped till $1271.25 at the time of writing and is currently trading around $1268.
The political tensions in N.Korea also supporting prices of gold. N.Korea has once again tested intercontinental Ballistic missile which could reach as far Chicago.
Technically gold has broken major resistance around $1268 and it should close above that for further bullish continuation.
Gold’s near term support is around $1255 (23.6% retracement of $1204 and $1271.25) and break below will drag the commodity down till $1250 (10- day MA)/$1245 (21- day EMA)/$1230 (200- day MA). The yellow metal should break below $1195 for major trend reversal.
On the higher side, in the daily chart minor resistance is around $1268 and any close above will take the commodity till $1280 (61.8% retracement of $1375 and $1122)/$1295.
It is good to buy on dips around $1260 with SL around $1250 for the TP of $1280.
