Major resistance -$1315 (200 WMA)
Major support - $1275 (3 WMA)
Pattern formed - Bearish divergence (Weekly chart)
Gold have broken major psychological resistance 1300 in previous week and jumped till $1315.48. The bullion prices have soared around $80 previous week and closed at $1297.
Technically gold is facing major support at $1275 and any violation below targets $1264 (7 W EMA)/$1257 (Weekly Tenken-Sen)/$1243 (61.8% retracement of $1199 and $1315.58)
On the higher side , break above $1315 will take the gold to next immediate resistance $1326/$1340.
In weekly chart CCI(50/RSI(14) have formed bearish divergence , a decline till $1245 is possible.
It is good to sell on rallies around $1300-$1305 with SL around $1320 for the TP of 1265/$1245
Major support - $1275 (3 WMA)
Pattern formed - Bearish divergence (Weekly chart)
Gold have broken major psychological resistance 1300 in previous week and jumped till $1315.48. The bullion prices have soared around $80 previous week and closed at $1297.
Technically gold is facing major support at $1275 and any violation below targets $1264 (7 W EMA)/$1257 (Weekly Tenken-Sen)/$1243 (61.8% retracement of $1199 and $1315.58)
On the higher side , break above $1315 will take the gold to next immediate resistance $1326/$1340.
In weekly chart CCI(50/RSI(14) have formed bearish divergence , a decline till $1245 is possible.
It is good to sell on rallies around $1300-$1305 with SL around $1320 for the TP of 1265/$1245
