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Gold Surges Above $4100 on Weak US Jobs Data; Bullish Momentum Builds

Gold gained well above $4100 after dismal US jobs data.  After hitting an intraday high of $4138.74  and it’s currently hovering near $4137.40.

Technicals

60-MIN

CMP -$4126

Trend

4- Hour chart

Value

 

 

55 EMA

$4039

CMP >55 EMA

Bullish

200- EMA

$4074

CMP >200- EMA

Bullish

365- EMA

$4142

CMP < 365 EMA

Bearish

 Near -term support -$4080.  Major bearishness below $3940. Any violation below $4080 targets $4060/$4035/$4000/$3980/$3940. Near-term resistance - $4136/$4200/$4245/$4300/$4400.

Momentum indicator (4-hour chart)

Inference

Value

CCI(50)

Bullish

79.88

ADX

Neutral

 

 It is good to buy on dips around $4100 with SL around $4060 for a TP of $4150/$4200/$4245.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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