Gold faces resistance at $1205,break above targets $1258/$1300
Major resistance -$1205 (trend line joining $1387 and $1307)
Major support - $1148 (55 W EMA)
The commodity has made a high of $1200 and slightly declined from that level. It is currently trading around $1188.
Gold faces strong resistance around $1205 and any break above will take the commodity to next level around $1258/$1300 in short term.
On the lower side major support is around $1148 and break below will drag the commodity down till $1133/$1124/$1112. The minor support is at $1169/$1154.
Overall bullish invalidation only below $1100.
It is good to buy only above $1205 with SL around $1168 for the TP of $1258/$1300
Major support - $1148 (55 W EMA)
The commodity has made a high of $1200 and slightly declined from that level. It is currently trading around $1188.
Gold faces strong resistance around $1205 and any break above will take the commodity to next level around $1258/$1300 in short term.
On the lower side major support is around $1148 and break below will drag the commodity down till $1133/$1124/$1112. The minor support is at $1169/$1154.
Overall bullish invalidation only below $1100.
It is good to buy only above $1205 with SL around $1168 for the TP of $1258/$1300
