- Major resistance- $1250 (10 day WMA)
- Major support – $1217 (55 day EMA)
- Gold has taken support near 55 day EMA and started to jump for that level. It is currently trading around $1229.
- On the higher side resistance is around $1250 and break above targets $1260/$1267 in short term. The minor resistance is around $1243 (support turned into resistance).
- The yellow metal support is around $1217 and any indicative break below will drag the commodity down till $1205/$1200.The minor support is around $1225.
- Overall bullish invalidation only below $1200.
It is good to sell on rallies around $1235 with SL around $1250 for the TP of $1215/$1205
The material has been provided by InstaForex Company – www.instaforex.com