Gold takes support near trend line, good to buy at dips
Major support - $1225 (trend line joining $1205 and $1208)
Major resistance - $1242 (55 day 4H EMA)
The commodity has taken support at $1227 and started to recover from that level. It is currently trading at $1235.90.
On the downside any break below $1225 confirms minor trend reversal, a decline till $1215/$1208 is possible.
Short term trend reversal only below $1200.
Yellow metal is facing major intraday resistance at $1242 and break above targets $1258/$1261/$1270 level.
It is good to buy at dips around $1234 with SL around $1225 for the TP of $1258/$
Major resistance - $1242 (55 day 4H EMA)
The commodity has taken support at $1227 and started to recover from that level. It is currently trading at $1235.90.
On the downside any break below $1225 confirms minor trend reversal, a decline till $1215/$1208 is possible.
Short term trend reversal only below $1200.
Yellow metal is facing major intraday resistance at $1242 and break above targets $1258/$1261/$1270 level.
It is good to buy at dips around $1234 with SL around $1225 for the TP of $1258/$
