Gold breaks trend line resistance, slight jump till $1197 likely
Major resistance - $1188
Major support - $1161 (200- H MA)
The yellow metal has made a low of $1170 and recovered sharply from that level. It is currently trading around $1185.Gold has taken support near 60- H EMA and any small weakness can be seen only below that level.
US 10- year bond yield is facing strong resistance at 200- HMA and slight bullishness can be seen only above that level. The yield is trading slightly below 2.45% (200- HMA) and a break above confirms 2.52%. It is currently trading around 2.38%.
Gold major resistance is around $1188 (Dec 5th high) and any break above targets $1200 in the short term.
On the lower side, immediate support is around $1172 (60- H EMA) and any indicative break below targets $1161 (61.8% retracement of $1145 and $1188)/$1156 (200- HMA).
It is good to buy on dips around $1182 with SL around $1174 for the TP of $1196.
Major support - $1161 (200- H MA)
The yellow metal has made a low of $1170 and recovered sharply from that level. It is currently trading around $1185.Gold has taken support near 60- H EMA and any small weakness can be seen only below that level.
US 10- year bond yield is facing strong resistance at 200- HMA and slight bullishness can be seen only above that level. The yield is trading slightly below 2.45% (200- HMA) and a break above confirms 2.52%. It is currently trading around 2.38%.
Gold major resistance is around $1188 (Dec 5th high) and any break above targets $1200 in the short term.
On the lower side, immediate support is around $1172 (60- H EMA) and any indicative break below targets $1161 (61.8% retracement of $1145 and $1188)/$1156 (200- HMA).
It is good to buy on dips around $1182 with SL around $1174 for the TP of $1196.
