Gold Daily Outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
307 0 0

Gold             made a high of $1307 but it is struggling to close above $1300 level. Intraday trend is bullish as long support $1280 holds.

In 4 hours chart MACD has formed bearish divergence which indicates slight decline till $1280 cannot be ruled out.

Short term trend reversal only below $1255

On the downside break below $1280 will take the pair to $1262/$1250.

The pair’s minor resistance around $1309 and any indicative break above will target $1320 (23.6% retracement of $1920 and $1130)/1340.

Indicator (4 hour Chart)
CCI (50) – Buy
CCI (14) – Sell
Ichimoku- Buy

Recommendation: Buy Gold             around $1280, SL 1262, Target $1320/1340.

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