Gold faces strong support at $1260, break below targets $1235/$1224
Major support - $1264 (21 day EMA) The yellow metal has declined drastically after fear of Britain leaving the EU eases. It is currently trading around $1265. Gold should close below $1264 (21 day EMA) for further weakne…
The yellow metal has declined drastically after fear of Britain leaving the EU eases. It is currently trading around $1265.
Gold should close below $1264 (21 day EMA) for further weakness. If the pair closes below this level today , a decline till $1250/$1234 (90 day EMA)/$1225 is possible.
On the higher side resistance is around $1280 (7 day EMA) and any break above targets $1292/$1300/$1315 (200 W MA).
Overall trend reversal only below $1200.
It is good to sell below $1260 with SL around $1280 for the TP of $1235/$1224.
