FxWirePro:Gold faces strong resistance at $1200, good to buy on dips
Major intraday resistance- $1195 (7- day EMA) Major intraday support - $1180 (61.8% retracement of $1170.63 and $1197.25) Gold is trading in narrow range as market focus on OPEC meet today .The yellow metal jumped slight…
Major intraday support - $1180 (61.8% retracement of $1170.63 and $1197.25)
Gold is trading in narrow range as market focus on OPEC meet today .The yellow metal jumped slightly from the low of $1180.70 made yesterday. It is currently trading around $1190.34.
OPEC meeting is to be held in Vienna today and it is expected to reach a deal to cut production in order to raise global oil prices.
The yellow metal‘s upside is capped by 7- day EMA ($1195) and also major pschycological resistance at $1200.Any indicative break above $1200 targets $1210 (23.6% retracement of $1337 and $1171.07)/$1221.
Short term bullishness only above $1235.
On the lower side, any break below $1170 will drag the commodity down till $1160/$1147level.The major intraday support is around $1180
It is good to buy on dips around $1188 with SL around $1180 for the TP of $1209/$1220
