Gold upside capped by Ichimoku cloud, break above targets $1375
Tuesday, September 27, 2016 5:23 AM UTC
- Major Support - $1327.60 (daily Kijun-Sen)
- Major intraday resistance -$1342 (Ichimoku cloud)
- The yellow metal is trading in a narrow range between $1332 and $ in the short term. Markets awaiting the US presidential debate between Republican Donald Trump and Democrat Hillary Clinton on Tuesday at 01:00 GMT for further direction.
- In the daily chart, Gold is facing strong resistance at $1342. Any break above will take the yellow metal to next immediate resistance at $1349/$1352/$1357 in the short term.
- The major support is around $1327 (daily Kijun-Sen) and any break below targets $1323 (55- day EMA) /$1310/$1305 (100- day MA).
- Short term weakness only below $1300.
It is good to buy above $1342 with SL around $1330 for the TP of $1375
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