Gold upside capped by 7 – day EMA, break above confirms further bullishness
Major intraday resistance- $1200 (7- day EMA) Major intraday support - $1180 (61.8% retracement of $1170.63 and $1197.25). Gold has once again declined after jumping till $1197.25 yesterday on account of strong dollar. I…
Major intraday support - $1180 (61.8% retracement of $1170.63 and $1197.25).
Gold has once again declined after jumping till $1197.25 yesterday on account of strong dollar. It is currently trading around $1191.18.
The yellow metal‘s upside is capped by 7- day EMA and also major pschycological resistance at $1200.Any indicative break above $1200ets $1210 (23.6% retracement of $1337 and $1171.07)/$1221.
Short term bullishness only above $1235.
On the lower side, any break below $1170 will drag the commodity down till $1160/$1147level.The major intraday support is around $1180.
It is good to buy on dips around $1188 with SL around $1180 for the TP of $1209/$1220
