Pattern formed – Head and shoulder pattern
The yellow metal has taken support near 200- H MA and slightly jumped from that level. Gold is trading weak on account of strong U.S dollar. It is currently trading around $1233.70.
U.S dollar index breaks major resistance at 101.02 and jumped slightly from that level. On the higher side, the top formed on Feb 15th 2017 at 101.73 will be acting as major resistance .The index is facing major support at 100 level. Any minor weakness can be seen above that level.
Gold major resistance is around $1245(200- WMA) and any break above targets $1262 (200-day MA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, minor support are around $1232 (200- H MA) and any indicative break below targets $1227 (61.8% retracement of $1216 and $1243.85)/$1220 (21- day EMA)/$1212 (daily Kijun-Sen).
It is good to sell below $1232 with SL around $1239 for the TP of $1216.
The yellow metal has taken support near 200- H MA and slightly jumped from that level. Gold is trading weak on account of strong U.S dollar. It is currently trading around $1233.70.
U.S dollar index breaks major resistance at 101.02 and jumped slightly from that level. On the higher side, the top formed on Feb 15th 2017 at 101.73 will be acting as major resistance .The index is facing major support at 100 level. Any minor weakness can be seen above that level.
Gold major resistance is around $1245(200- WMA) and any break above targets $1262 (200-day MA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, minor support are around $1232 (200- H MA) and any indicative break below targets $1227 (61.8% retracement of $1216 and $1243.85)/$1220 (21- day EMA)/$1212 (daily Kijun-Sen).
It is good to sell below $1232 with SL around $1239 for the TP of $1216.