Gold trades well above 21 day MA, targets $1360/$1374
Major resistance - $1327 (200 H MA)
The yellow metal has broken a minor resistance $1345 and jumped till $1354 on Friday. It is currently trading around $1350.
Any short term weakness can be seen only below $1327 (200 HMA).The break below short-term support $1325 will drag the commodity down till $1312/1297 (61.8% retracement of $1250 and $1375).The minor support is around $1339 (21 day MA) and any violation below targets $1332 (daily Tenken-Sen)/$1327.
On the higher side, major intraday resistance is around $1355 (29th Jul 2016 high) and any indicative break above $1355 targets $1360/$1370.
It is good to buy on dips around $1345-47 with SL around $1338 for the TP of $1360/$1374.
The yellow metal has broken a minor resistance $1345 and jumped till $1354 on Friday. It is currently trading around $1350.
Any short term weakness can be seen only below $1327 (200 HMA).The break below short-term support $1325 will drag the commodity down till $1312/1297 (61.8% retracement of $1250 and $1375).The minor support is around $1339 (21 day MA) and any violation below targets $1332 (daily Tenken-Sen)/$1327.
On the higher side, major intraday resistance is around $1355 (29th Jul 2016 high) and any indicative break above $1355 targets $1360/$1370.
It is good to buy on dips around $1345-47 with SL around $1338 for the TP of $1360/$1374.
