FxWirePro
Long

Gold faces major support around $1230, good to buy at dips

FX:XAUUSD   Gold Spot / U.S. Dollar
269 0 7
Major Support - $1230 ( trend line joining $1190 and $1225)

Major resistance - $1261 ( trend line joining $1284 and $1270)

Yellow metal has made a low of $1240 and started to recover from that level. Short term trend is bullish as long as support $1230 holds.

On the higher side minor resistance is around $1250 (7 day EMA ) and break above targets $1261/$1270 level.

Major trend reversal level $1285.

Any break below $1230 confirms minor trend reversal, a decline till $1210/$1200 is possible.

Overall bullish invalidation only below $1190.

It is good to buy at dips around $1245-$1247 with SL around $1230 for the TP of $1261/$1270$1283
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