Minor resistance - $1192 (3- M EMA)
Major resistance - $1231 (10- M EMA)
Major support - $1115 (Gann 8*1)
Gold made a yearly low of $1122 and jumped slightly from that level. The yellow metal closed around $1150.62 previous year.
Short term trend is still weak as long as resistance $1231 holds. The precious metal should break above $1231 for further bullishness.
Any break above will take the precious metal to next level till $1278 (61.8% retracement of $1375 and $1122)/$1300.
On the lower side, $1115 will be acting as major support and any break below will drag the yellow metal till $1046 (Dec 2015 low).
It is good to sell on rallies around $1185-$1190 with SL around $1231 for the TP of $1115/$1070
Major resistance - $1231 (10- M EMA)
Major support - $1115 (Gann 8*1)
Gold made a yearly low of $1122 and jumped slightly from that level. The yellow metal closed around $1150.62 previous year.
Short term trend is still weak as long as resistance $1231 holds. The precious metal should break above $1231 for further bullishness.
Any break above will take the precious metal to next level till $1278 (61.8% retracement of $1375 and $1122)/$1300.
On the lower side, $1115 will be acting as major support and any break below will drag the yellow metal till $1046 (Dec 2015 low).
It is good to sell on rallies around $1185-$1190 with SL around $1231 for the TP of $1115/$1070