Gold posted a mild gains in the Asian session after upbeat China trade data . The yellow metal jumped from the low of $1171 made yesterday.
China’s trade balance for Nov came as a surplus of $44.61 billion, compared with surplus of $46.30 billion. Chinese exports posted a slight increase of 0.1% , well above the forecast of 5% decline and imports rose 6.7% compared to forecast of 1.9% decline.
Investors were also looking for ECB monetary policy which is to be held today for further direction.
Technically Gold is facing strong trend line resistance of $1182 (trend line joining $1197 and $1188) and any break above will take the pair till $1194/$1200. Any close above $1200 will take the yellow metal till $1220 (34- day EMA).
On the lower side any close below $1160 will take the bullion further down till $1147/$1130.The minor support is around $1170.
It is good to buy above $1182 with SL around $1175 for the TP of $1200/$1220.
China’s trade balance for Nov came as a surplus of $44.61 billion, compared with surplus of $46.30 billion. Chinese exports posted a slight increase of 0.1% , well above the forecast of 5% decline and imports rose 6.7% compared to forecast of 1.9% decline.
Investors were also looking for ECB monetary policy which is to be held today for further direction.
Technically Gold is facing strong trend line resistance of $1182 (trend line joining $1197 and $1188) and any break above will take the pair till $1194/$1200. Any close above $1200 will take the yellow metal till $1220 (34- day EMA).
On the lower side any close below $1160 will take the bullion further down till $1147/$1130.The minor support is around $1170.
It is good to buy above $1182 with SL around $1175 for the TP of $1200/$1220.