FxWirePro
Long

Gold: Buy on dips

FX_IDC:XAUUSD   GOLD / US DOLLAR
335 0 11
Major support - $1170 (61.8% retracement of $1375 and $1046)

Minor resistance- $1208 (10- day MA)

Gold             has recovered sharply from the low of $1170 made on Friday. It is currently trading around $1192.28.

The yellow metal‘s upside is capped by major psychological resistance at $1200 and any break above targets $1208 (10- day MA)/$1221. Any close above $1200 confirms minor bullishness.

Short term bullishness only above $1235.

On the lower side, any break below $1170 will drag the commodity down till $1160/$1147 level.the minor support is around $1180

It is good to buy on dips around $1188-$1190 with SL around $1180 for the TP of $1208/$1220

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