Gold trades slightly above 10- day MA, a jump till $1152 likely
Gold is slightly jumping after making a low of$1127 on Friday. The yellow metal formed a temporary bottom around $1122 and is currently trading around $1137.50. Gold has broken minor resistance at $1135 (10- day MA) and …
Gold is slightly jumping after making a low of$1127 on Friday. The yellow metal formed a temporary bottom around $1122 and is currently trading around $1137.50.
Gold has broken minor resistance at $1135 (10- day MA) and jumped till $1138 from that level.
Technically Gold is facing minor resistance at $1142 (Dec 19th high) and any break above will take the pair till $1152 (21- day MA). The yellow metal should close above 21- day MA ($1152) for further jump till $1175 (23.6% retracement of $1337 and $1122)/$1188 (Dec 4th 2016 high)/$1197.
On the lower side any close below $1116 (78.6% retracement of $1046 and $1375) and any violation below will drag the pair down till $1100/$1085.
It is good to buy on dips around $1135 with SL around $1128 for the TP of $1150.
