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Gold Daily Outlook

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
2
Intraday trend-Bullish
Gold is has retreated after making a high 1231.84 (12th Dec high). Overall trend is bullish as long as support $1190 ( 50% retracement of $1142 and $1238) holds.
It is facing minor resistance around 1238 and any break of will target $1255 (Oct 21st high) and $1263 ( 61.8% retracement of $1345 to 1131).
The gold is facing minor support at $1210 .On the downside break below $1210 will target $1190 (200 day 4 HMA ) /1185.
Overall trend reversal -$1175 (Nov 19th low)
Indicators (4 Hour Chart)
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell
It is good to buy at dips with stop around $1210.

Recommendation: Buy gold around $1200, SL $1189, Target $1238/1255.


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