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Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above short-term moving averages 34 EMA above 55 EMA and above long-term moving averages (200 EMA) on the 4-hour chart. Immediate support is at $3330 and a break below this level will drag the yellow metal to $3300/$3270/$3245/$3230/$3200/$3165/$3135/$3100/$3000. The near-term resistance is at $3400 with potential price targets at $3415/$3465/$3500.
It is good to buy on dips around $3300 with a stop-loss at $3285 for a target price of $3385.
