Gold trades well above $1200, jump till $1234 likely
Major resistance - $1207 (Jan 12th high). Major support - $1189 (7- day EMA). The yellow metal rose to eight week high as Brexit worries increased the demand for safe haven. Gold breaks the recent high of $1207 and jumpe…
The yellow metal rose to eight week high as Brexit worries increased the demand for safe haven. Gold breaks the recent high of $1207 and jumped till $1210.74 at the time of writing and is currently trading around $1210.
Market awaits for U.K PM Theresa May speech in which she is expected to to discuss plans for a “Hard Brexit”.
Gold major resistance is around $1216 (89- day EMA) and any break above targets $234/$1247 (50% retracement of $1375 and $1122) in the short term.
On the lower side, immediate support is around $1189 (7- day EMA) and any indicative break below targets $1176 (30- day EMA)/$1165 (daily Kijun-Sen)/$1156 (61.8% retracement of $1122 and $1212.44).The minor support is around $1199.
It is good to buy on dips around $1207-$1209 with SL around $1199 for the TP of $1224/$1234
