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Long

Gold: Trade setup (Buy above 200 HMA)

FX:XAUUSD   Gold/U.S. Dollar
517 0 16
Major resistance - $1325 (200 HMA)

The yellow metal has made a high of $1324.36 yesterday and slightly declined from that level. It is currently trading around $1319.29.

Any short term weakness can be seen only below $1312 (trend line joining $1310.70 and $1312.31).The break below short-term support $1312 will drag the commodity down till $1305/1297 (61.8% retracement of $1250 and $1375).

On the higher side, major intraday resistance is around $1325 (200 HMA) and any indicative break above $1324 targets $1336/$1350.

It is good to buy above $1325 with SL around $1312 for the TP of $1336/$1350.
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