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Add as a preferred source on Google FxWirepro: Gold faces strong support at 21 day MA, good to buy on dips Major support - $1340 (21 day MA). Gold has formed a double top around $1367 and declined from that level. It is currently trading at $1350. Short term trend is bullish as long as support $1340 (21 day MA) holds. Any bre…
By FxWire Pro Aug 4, 2016, 5:38 AM UTC
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Major support - $1340 (21 day MA).
Gold has formed a double top around $1367 and declined from that level. It is currently trading at $1350.
Short term trend is bullish as long as support $1340 (21 day MA) holds.
Any break below $1340 will drag the commodity down till $1332 (61.8% retracement of $1310.71 and $1367)/$1325 in the short term.
On the higher side, break above $1368 will take the gold to next level $1375/$1400.
Short term weakness only below $1300.
It is good to buy on dips around $1348 with SL around $1339 for the TP of $1374/1398
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