Gold faces strong resistance at $1368, good to buy on dips
Major support - $1340.50 (21 day MA).
Gold has recovered sharply after making a low of $1349 yesterday. It is currently trading at $1363.41.
Short term trend is bullish as long as support $1340 (21 day MA) holds. Market awaits US NFP data for further direction.
Any break below $1340 will drag the commodity down till $1332 (61.8% retracement of $1310.71 and $1367)/$1325 in the short term. The minor support is around $1354 and break below targets $1347/$1340.
On the higher side, the minor top is around $1368 and any break above $1368 will take the gold to next level $1375/$1400.
Short term weakness only below $1300.
It is good to buy on dips around $1352-55 with SL around $1340 for the TP of $1374/$1398
Gold has recovered sharply after making a low of $1349 yesterday. It is currently trading at $1363.41.
Short term trend is bullish as long as support $1340 (21 day MA) holds. Market awaits US NFP data for further direction.
Any break below $1340 will drag the commodity down till $1332 (61.8% retracement of $1310.71 and $1367)/$1325 in the short term. The minor support is around $1354 and break below targets $1347/$1340.
On the higher side, the minor top is around $1368 and any break above $1368 will take the gold to next level $1375/$1400.
Short term weakness only below $1300.
It is good to buy on dips around $1352-55 with SL around $1340 for the TP of $1374/$1398