Gold faces strong support at 21-day MA,break below targets $1322
Major support – $1332 (21-day MA).
Major support - $1358
The yellow metal has declined till $1335 and slightly recovered till $1339.35 at the time of writing . It is currently trading around $1346.30.
Gold should break below $1332 (21- day MA) for further weakness.Any break below 21- day MA will drag the yellow metal down till $1322 (61.8% retracement of $1352.63 and $1302.60)/$1315/$1311.
Gold is facing major intraday resistance around $1345 (61.8% retracement of $1352.61 and $1335) and any break above targets $1352/$1358.
Short term weakness only below $1300.
It is good to sell below 1332 with SL around $1340 for the TP of $1322/$1315
Major support - $1358
The yellow metal has declined till $1335 and slightly recovered till $1339.35 at the time of writing . It is currently trading around $1346.30.
Gold should break below $1332 (21- day MA) for further weakness.Any break below 21- day MA will drag the yellow metal down till $1322 (61.8% retracement of $1352.63 and $1302.60)/$1315/$1311.
Gold is facing major intraday resistance around $1345 (61.8% retracement of $1352.61 and $1335) and any break above targets $1352/$1358.
Short term weakness only below $1300.
It is good to sell below 1332 with SL around $1340 for the TP of $1322/$1315
