Gold faces strong resistance around $1268, good to buy at dips
Major resistance - $1250 (trend line joining $1433 and $1391)
Major support- $1237 (3 W EMA)
Gold has broken major resistance $1250 and jumped $1268. It is currently trading around $1261.
Short term trend is still bullish as long as support $1237 holds.
On the higher side major resistance is around $1268 and break above targets $1300 in short term.
Gold minor support is around $1249 and any break below targets $1244/$1237.
Overall bearish invalidation only below $1200.
It is good to buy at dips around $1248-$1250 with SL around $1237 for the TP of $1268/$1300.
Major support- $1237 (3 W EMA)
Gold has broken major resistance $1250 and jumped $1268. It is currently trading around $1261.
Short term trend is still bullish as long as support $1237 holds.
On the higher side major resistance is around $1268 and break above targets $1300 in short term.
Gold minor support is around $1249 and any break below targets $1244/$1237.
Overall bearish invalidation only below $1200.
It is good to buy at dips around $1248-$1250 with SL around $1237 for the TP of $1268/$1300.