Intraday trend-Bullish
Gold is consolidating between $1238 and 1217for the past two days . Overall trend is bullish as long as support $1210 (50% retracement of $1185.97 and $1238) holds. It is facing minor resistance around 1238 and any break of will target $1255 (Oct 21st high) and $1263 (61.8% retracement of $1345 to 1131).
On the downside break below $1210 will target $1190 (200 day 4 HMA) /1185.
Overall trend reversal -$1175 (Nov 19th low)
Indicators (4 Hour Chart)
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Sell
It is good to buy at dips with stop around $1210.
Recommendation: Buy gold around $1221, SL $1209, Target $1255/1263.
Gold is consolidating between $1238 and 1217for the past two days . Overall trend is bullish as long as support $1210 (50% retracement of $1185.97 and $1238) holds. It is facing minor resistance around 1238 and any break of will target $1255 (Oct 21st high) and $1263 (61.8% retracement of $1345 to 1131).
On the downside break below $1210 will target $1190 (200 day 4 HMA) /1185.
Overall trend reversal -$1175 (Nov 19th low)
Indicators (4 Hour Chart)
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Sell
It is good to buy at dips with stop around $1210.
Recommendation: Buy gold around $1221, SL $1209, Target $1255/1263.