Major resistance- $1322 (100-H MA).
Major support- $1308.
The yellow metal has declined sharply till $1308.80 level yesterday. It is currently trading around $1315.45.
The intraday resistance is around $1322 (100- H MA) and any violation above will take the commodity till $1329.60 (200- HMA and also 61.8% retracement of $1308.80 and $1342.26)/$1335 (38.2% retracement of $1375 and $1308.80). It should close above $1340 for further bullishness.
Technically the support is around $1310 and breaks below targets 1300/$1294 (100 day MA).
It is good to buy above $1322 with SL around $1314 for the TP of $1334/$1340
Major support- $1308.
The yellow metal has declined sharply till $1308.80 level yesterday. It is currently trading around $1315.45.
The intraday resistance is around $1322 (100- H MA) and any violation above will take the commodity till $1329.60 (200- HMA and also 61.8% retracement of $1308.80 and $1342.26)/$1335 (38.2% retracement of $1375 and $1308.80). It should close above $1340 for further bullishness.
Technically the support is around $1310 and breaks below targets 1300/$1294 (100 day MA).
It is good to buy above $1322 with SL around $1314 for the TP of $1334/$1340