Intraday trend-Bullish
Gold has recovered till 1211 after making a low of $1191. Intraday trend is bullish as long as support $1190 holds.
On the downside break below $1190 will target $1175/1160.
The major resistance is around $1214 and any break above will target $1237 (50% retracement of $1342 and $1130)/1255.
Overall trend reversal -$1175 (Nov 19th low)
Indicators (1 Hour Chart)
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Buy
It is good to buy at dips with stop around $1190.
Recommendation: Buy gold around $1205, SL $1190, Target $1237/1255.
Gold has recovered till 1211 after making a low of $1191. Intraday trend is bullish as long as support $1190 holds.
On the downside break below $1190 will target $1175/1160.
The major resistance is around $1214 and any break above will target $1237 (50% retracement of $1342 and $1130)/1255.
Overall trend reversal -$1175 (Nov 19th low)
Indicators (1 Hour Chart)
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Buy
It is good to buy at dips with stop around $1190.
Recommendation: Buy gold around $1205, SL $1190, Target $1237/1255.