Gold takes support at 55 day EMA, good to sell on rallies
Major support - $1242 (55 day EMA)
Major resistance- $1260
Gold has take support near 55 day EMA and slightly recovered from that level. It is currently trading around $1253.
Minor bullishness can be seen above $1260 level. Any break above $1260 will take the pair to next level at $1267/$1275.
On the lower side support is around $1242 and break below targets $1230/$1225.
Overall weakness can be seen below $1200 level.
It is good to sell on rallies around $1255-$1258 with SL around $1266 for the TP of $1230/$1225
Major resistance- $1260
Gold has take support near 55 day EMA and slightly recovered from that level. It is currently trading around $1253.
Minor bullishness can be seen above $1260 level. Any break above $1260 will take the pair to next level at $1267/$1275.
On the lower side support is around $1242 and break below targets $1230/$1225.
Overall weakness can be seen below $1200 level.
It is good to sell on rallies around $1255-$1258 with SL around $1266 for the TP of $1230/$1225