Major resistance- $1262 (200- day MA and 161.8% retracement)
Pattern formed - Bearish Divergence (RSI and MACD)
Gold hits fresh three months high till $1263.94 on yesterday on account of weak dollar and declined around $12 from the high. It is currently trading around $1252.81.
On the higher side, 200 -day MA and 161.8% fibo will be considered as major resistance and any close above will confirms further bullish continuation. Any daily close above $1262 will target $1278 (61.8% retracement of $1375.20 and $1122.70).
The immediate support is around $1245 (resistance turned into support) and break below targets $1240 (daily Tenken-Sen and trend line joining $1180 and $1216)/$1229 (212- day EMA).
It is good to sell on rallies around $1255-$1257 with SL around $1264 for the TP of $1245/$1240
Pattern formed - Bearish Divergence (RSI and MACD)
Gold hits fresh three months high till $1263.94 on yesterday on account of weak dollar and declined around $12 from the high. It is currently trading around $1252.81.
On the higher side, 200 -day MA and 161.8% fibo will be considered as major resistance and any close above will confirms further bullish continuation. Any daily close above $1262 will target $1278 (61.8% retracement of $1375.20 and $1122.70).
The immediate support is around $1245 (resistance turned into support) and break below targets $1240 (daily Tenken-Sen and trend line joining $1180 and $1216)/$1229 (212- day EMA).
It is good to sell on rallies around $1255-$1257 with SL around $1264 for the TP of $1245/$1240
