Gold faces strong support at 21 day EMA, good to buy at dips
Major support - $1256 (21 day MA)
The yellow metal has taken support near 21 day MA and recovered from that level. It is currently trading around $1270.
Short term trend is slightly bullish as long as support 21 day MA holds.
Any breach below $1256 will drag the commodity down till $1242/$1228 in short term.
On the higher side resistance is around $1272.85 (7 day EMA) and break above targets $1280/$1285/$1300.
Gold should break above temporary top $1303 for further bullishness.
It is good to buy at dips around $1265-$1268 with SL around $1255 for the TP of $1284/$1300
The yellow metal has taken support near 21 day MA and recovered from that level. It is currently trading around $1270.
Short term trend is slightly bullish as long as support 21 day MA holds.
Any breach below $1256 will drag the commodity down till $1242/$1228 in short term.
On the higher side resistance is around $1272.85 (7 day EMA) and break above targets $1280/$1285/$1300.
Gold should break above temporary top $1303 for further bullishness.
It is good to buy at dips around $1265-$1268 with SL around $1255 for the TP of $1284/$1300