Gold has broken short term resistance $1263 (61.8% retracement of $1345 and $1130) and is trading around $1286 level. Overall trend is bullish and trend reversal can happen only below $1250(200 day MA)
On the downside break below $1250 will take the pair to $1237/$1224.
The pair’s minor resistance around $1293 and any indicative break above will target $1317 (61.8% retracement of $1433 and $1130)/1340.
Indicator (Daily Chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy Gold around $1275, SL 1250, Target $1317/1340.
On the downside break below $1250 will take the pair to $1237/$1224.
The pair’s minor resistance around $1293 and any indicative break above will target $1317 (61.8% retracement of $1433 and $1130)/1340.
Indicator (Daily Chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy Gold around $1275, SL 1250, Target $1317/1340.