FxWirePro:Gold faces strong resistance at 100- day EMA, good to buy on dips
Major resistance - $1221 (100- day EMA). Major support - $1189 (7- day EMA).The yellow metal extended the rally to a seventh day on Tuesday. Gold jumped till $1218.94 yesterday and declined slightly from that level. It i…
Major support - $1189 (7- day EMA).The yellow metal extended the rally to a seventh day on Tuesday. Gold jumped till $1218.94 yesterday and declined slightly from that level. It is currently trading around $1212.13.
Market awaits U.S President Trump inaugural speech on Jan 20th and also Fed chairman speech today for further direction.
Gold major resistance is around $1220 (100- day EMA) and any break above targets $1234/$1247 (50% retracement of $1375 and $1122) in the short term.
On the lower side, immediate support is around $1196 (7- day EMA) and any indicative break below targets $1179 (30- day EMA)/$1170 (daily Kijun-Sen)/$1159 (61.8% retracement of $1122 and $1218.94).
It is good to buy on dips around $1207-$1209 with SL around $1199 for the TP of $1224/$1234
