Gold faces strong support at 21 day EMA, good to buy at dips
Major support - $1260 (21 day MA)
The yellow metal has taken support near 21 day MA and recovered from that level. It is currently trading around $1276.
Short term trend is slightly bullish as long as support 21 day MA holds.
Any breach below $1260 will drag the commodity down till $1242/$1228 in short term.
On the higher side resistance is around $1280 (Tenken-Sen) and break above targets $1285/$1300/$1304.
Gold should break above temporary top $1303 for further bullishness.
It is good to buy at dips around $1270 with SL around $1260 for the TP of $1285/$1300
The yellow metal has taken support near 21 day MA and recovered from that level. It is currently trading around $1276.
Short term trend is slightly bullish as long as support 21 day MA holds.
Any breach below $1260 will drag the commodity down till $1242/$1228 in short term.
On the higher side resistance is around $1280 (Tenken-Sen) and break above targets $1285/$1300/$1304.
Gold should break above temporary top $1303 for further bullishness.
It is good to buy at dips around $1270 with SL around $1260 for the TP of $1285/$1300