Gold upside capped by 21- day MA, bullishness only above that level.
Wednesday, December 28, 2016 5:18 AM UTC
- Gold jumped sharply till $1150.96 yesterday and started to fall from that level. The yellow metal formed a temporary bottom around $1122 and any further weakness only below that level. It is currently trading around $1141.87.
- Technically Gold is facing minor resistance at $1153 (21- day MA) and any break above will take the pair till $1171 (daily Kijun-Sen)/$1175 (34- day EMA)/ $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 above $1153 with SL around $1145 for the TP of $1171/$1175.
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