FxWirePro
Long

Gold faces strong resistance at $1368, good to buy on dips

FX:XAUUSD   Gold/U.S. Dollar
260 3 12
Major support - $1340.50 (21 day MA).

Gold             has recovered sharply after making a low of $1349 yesterday. It is currently trading at $1363.41.

Short term trend is bullish as long as support $1340 (21 day MA) holds. Market awaits US NFP data for further direction.

Any break below $1340 will drag the commodity down till $1332 ( 61.8% retracement of $1310.71 and $1367)/$1325 in the short term. The minor support is around $1354 and break below targets $1347/$1340.

On the higher side, the minor top is around $1368 and any break above $1368 will take the gold             to next level $1375/$1400.

Short term weakness only below $1300.

It is good to buy on dips around $1352-55 with SL around $1340 for the TP of $1374/$1398
KcWong
5 months ago
Good analysis thank you. Can't wait for NFP for a clearer picture.
Reply
FxWirePro PRO KcWong
5 months ago
wait till NFP so only i gave buy on dips
Reply
pmcllc PRO
5 months ago
broke down to around 1334 but not sure it could break the 1332...maybe later
Reply
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