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Gold faces strong resistance at 21-day MA, break above targets $1342/$1348

Major resistance – $1332 (21-day MA). Major support - $1321 (55- day EMA). The yellow metal has taken support near 90-day EMA and recovered sharply from the low of $1302.61. It is currently trading around $1326. Gold sho…

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Gold faces strong resistance at 21-day MA, break above targets $1342/$1348
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  • Major resistance – $1332 (21-day MA).
     
  • Major support - $1321 (55- day EMA).
     
  • The yellow metal has taken support near 90-day EMA and recovered sharply from the low of $1302.61. It is currently trading around $1326.
     
  • Gold should break above 21-day MA targets $1342/$1348 (61.8% retracement of $1375 and $1302.69).
     
  • On the lower side, support stands at $1321 and any violation below targets $1311/$1303.56.
     
  • Short term weakness only below $1300.

It is good to buy above $1332 with SL around $1321 for the TP of $1342/$1348

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