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Long

Gold Intraday trade idea

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
261 0 6
Major Support - $1305 (100- day EMA )

Major intraday resistance -$1317.50 (Cloud top)

The yellow metal has slightly gained today morning from the low of $1311.90 level. It is currently trading around $1316.25.

In the hourly chart, Gold             is trading slightly above Tenken-Sen ($1314.25) and Kijun-Sen ($1315.50). It should break above cloud top for slight jump till $1325 (200- HMA ).

The major support is around $1310 and any break below targets $1305 (100- day MA) /$1297 (23.6% retracement of $1375 and $1047)/$1285 ( 50% retracement of $1199 and $1375).

Market awaits Fed and BOJ monetary policy for further direction.

Gold             is facing major resistance around $1325 (200- H MA) and any break above targets $1332 (Sep 13th high)/$1340.

Short term weakness only below $1300.

It is good to buy above $1317.50 with SL around $1310 for the TP of $1324/$1331
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