Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

Gold: Bullish divergence and 161.8% retracement

  • Major support - $1180 (161.8% retracement of $1337 and $1241.50)
     
  • Minor resistance- $1200 (3- day EMA)
     
  • Pattern Formed- Bullish Divergence (MACD and RSI)
     
  • Gold has broken major pschycological support at $1200 and declined sharply till $1182 yesterday. It is currently trading around $1186.
     
  • The yellow metal‘s overall trend is weak but the MACD and RSI in the daily chart is showing Bullish divergence. So, slight jump till $1200 is possible.
     
  • Short term bullishness only above $1235.
     
  • On the lower side, any break below $1180 will drag the commodity down till $1170 (61.8% retracement of $1375 and $1046)/$1160 level.

It is good to buy on dips around $1180 with SL around $1170 for the TP of $1200

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.