Gold has broken short term resistance $1225 and jumped till $1232.50 level. It is currently trading around $1220. Overall trend is bullish as long as support $1197 holds.
Intraday trend reversal only below $1209.
Short term weakness can be seen only below $1197. On the downside any break below $1197 will drag the pair further down till $1190/$1178.The minor support is around $1216 and break below will take the commodity to next target $1209/$1197.
The minor resistance are $1245/$1260/$1291.
It is good to buy around $1217 with stop around $1197 for the target of $1260/$1291.
Intraday trend reversal only below $1209.
Short term weakness can be seen only below $1197. On the downside any break below $1197 will drag the pair further down till $1190/$1178.The minor support is around $1216 and break below will take the commodity to next target $1209/$1197.
The minor resistance are $1245/$1260/$1291.
It is good to buy around $1217 with stop around $1197 for the target of $1260/$1291.