FxWirePro:Gold struggles to break above $1300, good to buy at dips
Major support - $1248 (200 HMA) Major resistance - $1289 (May 16th high) The yellow metal ahs jumped till $1287 yesterday on account of Brexit and Oralando terror attack. It has slightly declined from the high and is cur…
The yellow metal ahs jumped till $1287 yesterday on account of Brexit and Oralando terror attack.
It has slightly declined from the high and is currently trading at $1279.
The minor support of Gold is around $1278 (hourly Tenkan-Sen ) and any break below will drag the pair down till $1271 (21 day MA)/$1265 (hourly Kijun-Sen).
On the higher side any break above $1289 will take the gold to next level at $1300/$1305.Extreme bullishness can be seen above $1305 level.
Overall trend reversal only below $1200.
It is good to buy at dips around $1275 with SL around $1265 for the TP of $1293/1300
