Major resistance- $1262 (200- day MA and 161.8% retracement) Pattern formed - Bearish Divergence (RSI and MACD) Gold hits fresh three months high till $1260.15 on Friday on account of weak dollar . It is currently tradin…
Major resistance- $1262 (200- day MA and 161.8% retracement)
Pattern formed - Bearish Divergence (RSI and MACD)
Gold hits fresh three months high till $1260.15 on Friday on account of weak dollar . It is currently trading around $1256.61.
On the higher side, 200 -day MA and 161.8% fibo will be considered as major resistance and any break above will confirms further bullish continuation. Any break above $1262 will target $1278 (61.8% retracement of $1375.20 and $1122.70).
The immediate support is around $1245 (resistance turned into support) and break below targets $1238 (daily Teneken-Sen)/$1229 (212- day EMA).
It is good to sell on rallies around $1257-$1258 with SL around $1262 for the TP of $1245/$1238.
