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Short

Gold Daily Outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
305 0 2
Gold             has recovered till $121.066 after making a low of $1192.48. Short term trend is bullish as long as resistance $1212 ( 61.8% retracement of $1224.20 and $1192.48) holds.

On the upside short term resistance is around $1205 (20 day HMA ) and nay break above would extend gains till $1212/$1225.

The commodity major support is around $1190 and break below will target $1178.

Indicators (1 Hour chart)

CCI (50) - Sell

CCI (14) – Sell

Ichimoku - Sell

Recommendation: Sell Gold             around $1202, SL $1212, Target $1180.



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