Minor resistance- $1200 (3- day )
Pattern Formed- ( and )
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 and in the is showing . 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 ( of $1375 and $1046)/$1160 level.
It is good to buy on dips around $1180 with SL around $1170 for the TP of $1200