Gold trades slightly well above 21 day MA,jump till $1360 likely
Major resistance - $1338 (21 day MA)
The yellow metal has made a high of $1342 yesterday after breaking short term resistance $1325 (200 HMA). It is currently trading around $1339.
Any short term weakness can be seen only below $1325 (200 HMA).The break below short-term support $1325 will drag the commodity down till $1312/1297 (61.8% retracement of $1250 and $1375).
On the higher side, major intraday resistance is around $1338 and any indicative break above $1338 targets $1350/$1360.
It is good to buy on dips around $1335 with SL around $1324 for the TP of $1350/$1360.
The yellow metal has made a high of $1342 yesterday after breaking short term resistance $1325 (200 HMA). It is currently trading around $1339.
Any short term weakness can be seen only below $1325 (200 HMA).The break below short-term support $1325 will drag the commodity down till $1312/1297 (61.8% retracement of $1250 and $1375).
On the higher side, major intraday resistance is around $1338 and any indicative break above $1338 targets $1350/$1360.
It is good to buy on dips around $1335 with SL around $1324 for the TP of $1350/$1360.