Gold has recovered slightly after making a low of $1175. Intraday trend is weak as long as resistance $1195 holds.
On the downside minor support is around $1172 and any break below will drag the commodity further down till $1160/$1151.
The intraday trend reversal above $1195 (200 day HMA) and above that it will reach $1205/$1210.
Short term bearish invalidation only above $1225.
Indicator (1 hour chart)
CCI (50) - Sell
Woodies CCI (14) – Buy
Ichimoku- Sell
It is good to sell on rallies around $1185 for the target of $1162/$1151 with stop around $1196.
On the downside minor support is around $1172 and any break below will drag the commodity further down till $1160/$1151.
The intraday trend reversal above $1195 (200 day HMA) and above that it will reach $1205/$1210.
Short term bearish invalidation only above $1225.
Indicator (1 hour chart)
CCI (50) - Sell
Woodies CCI (14) – Buy
Ichimoku- Sell
It is good to sell on rallies around $1185 for the target of $1162/$1151 with stop around $1196.