- Major support - $1257 (200 4H EMA)
- Major resistance - $1315 (200 W MA)
- The yellow metal rose for the seventh straight sessions and jumped till $1315 on account of diminished US Fed rate hike and Brexit uncertainty.
- The pair has pared its losses yesterday following the news that British lawmaker Jo Cox died following shooting attack.
- Gold retreated till $1277 and slightly recovered from that level. It is currently trading around $1283.
- The minor support of Gold is around $1274 (7 day EMA ) and any break below will drag the pair down till $1257 (200 4H MA)/$1242 (61.8% retracement of $1199 and $1315).
- On the higher side any break above $1315 will take the gold to next level at $1339/$1350.
- Overall trend reversal only below $1200.
- In daily chart bearish divergence has formed in CCI(50) and RSI(14) and short term correction is likely till $1242.
It is good to sell on rallies around $1300 with SL around $1315 for the TP of $1258/$1243
