Major resistance - $1265 (Oct 10th 2016 high).
Major support - $1249 (Oct 12th 2016 low)
Gold is trading in the narrow range between $1265 and $1249 for the three trading session. It is currently trading around $1255.
On the higher side, major resistance is around $1262.20 (34 – 4H EMA) and any break above targets $1270 (55- 4H EMA)/$1277.
The support is at $1249 and any violation below will drag the gold till $1241/$1226 (161.8% retracement of $1241 and 1264.93).
It is good to buy above $1262.25 with SL around $1255 for the TP of $1270/$1277.
Major support - $1249 (Oct 12th 2016 low)
Gold is trading in the narrow range between $1265 and $1249 for the three trading session. It is currently trading around $1255.
On the higher side, major resistance is around $1262.20 (34 – 4H EMA) and any break above targets $1270 (55- 4H EMA)/$1277.
The support is at $1249 and any violation below will drag the gold till $1241/$1226 (161.8% retracement of $1241 and 1264.93).
It is good to buy above $1262.25 with SL around $1255 for the TP of $1270/$1277.