Major resistance- $1327 (55 H EMA). Major support - $1310 (Jul 21st low). Gold has declined till $1317.70 yesterday and slightly recovered from that level. It is currently trading around $1323.58. In the hourly chart, it…
Gold has declined till $1317.70 yesterday and slightly recovered from that level. It is currently trading around $1323.58.
In the hourly chart, it is trading slightly above Tenkan-Sen ($1322.40) and Kijun-Sen ($1322.37).But it should break above $1327.50 for slight jump till $1335.78/$1343.
On the higher side, any break above 55-H EMA will take the commodity to next immediate resistance at $1332.36 which 38.2% retracement of $1356.39 and 1323.05/$1341.05 (61.8% retracement of $1356.39 and $1323.05).
The major support is around $1310.50 (Jul 20th low) and any break below targets $1300/$1292 (100 day MA).
It is good to buy above $1327.50 with SL around $1317 for the TP of $1340/$1349.
