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Gold faces strong resistance around $1223, break above targets $1240/$1260

  • Major resistance - $1223 (trend line joining $1239 and $1232.90)

  • Major support - $1207 (55 day 4H EMA)

  •  Gold has recovered after making a low of $1201.80. It is currently trading around $1220.65.

  • On the higher side it is facing resistance around $1223 and break above targets $1239/$1259.

  • Major support is around $1207 and break below will drag the commodity down till $1200/$1178.

  • Short term bullish invalidation below $1180

It is good to buy above $1223 with SL around $1207 for the TP of $1239/$1260     

 

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