Gold breaks major resistance at $1188, slight jump till $1204 is possible
Major resistance - $1188 Major support - $1170 (30- day EMA) The yellow metal has broken the high made on Dec 5th 2016 and jumped slightly till $1190.70 level. It is currently trading around $1188.Gold is trading well ab…
The yellow metal has broken the high made on Dec 5th 2016 and jumped slightly till $1190.70 level. It is currently trading around $1188.Gold is trading well above short term resistance 30-day EMA and a slight jump till $1198 (60- day EMA).
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US 10- year bond yield is facing strong resistance at 200- HMA and slight bullishness can be seen only above that level. The yield is trading slightly below 2.45% (200- HMA) and a break above confirms 2.52%. It is currently trading around 2.38%.
Gold major resistance is around $1198 (60- day EMA) and any break above targets $1205 (38.2% retracement of $1337 and $1122)/$1219 (38.2% retracement of $1375 and $122) in the short term.
On the lower side, immediate support is around $1170 (30- day EMA) and any indicative break below targets $1157 (daily Kijun-Sen)/$1149 (61.8% retracement of $1122 and $1190.70).
It is good to buy on dips around $1180-$1182 with SL around $1170 for the TP of $119/$1205.
