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Gold faces major resistance around $1240, break above targets $1263

  • Major resistance - $1240 (Trend line joining $1253 and $1242)
     
  • Major support - $1230
     
  • Yellow metal has made a high of $1242.94 yesterday and slightly declined from that level. It is currently trading around $1236.93.
     
  • Short term trend is still weak as long as support $1230 holds.
     
  • On the lower side any break below $1230 will drag the commodity down till $1220/$1213.
     
  • Any break above major resistance will take the commodity till $1255/$1263 in short term.

It is good to buy above $1240 with SL around $1230 for the TP of $1255/$1263. 

 

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