Gold: Bullish divergence and 161.8% retracement

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
590 1 12
Major support - $1180 (161.8% retracement of $1337 and $1241.50)

Minor resistance- $1200 (3- day EMA )

Pattern Formed- Bullish Divergence ( MACD and RSI )

Gold             has broken major pschycological support at $1200 and declined sharply till $1182 yesterday. It is currently trading around $1186.

The yellow metal‘s overall trend is weak but the MACD and RSI in the daily chart is showing Bullish divergence . So, slight jump till $1200 is possible.

Short term bullishness only above $1235.

On the lower side, any break below $1180 will drag the commodity down till $1170 ( 61.8% retracement of $1375 and $1046)/$1160 level.

It is good to buy on dips around $1180 with SL around $1170 for the TP of $1200
Thanks for all the wonderful and profitable charts.cheers.
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