Gold trades below 10 –day MA, decline till $1180 likely
Major support - $1200 (tend line joining $1128 and $1146)
Major resistance - $1220 (100- day EMA)
The yellow metal has broken trend line support and also psychological support at $1200 yesterday. Gold declined till $1193 and it is currently trading around $1198.30.
In the daily chart gold is slightly below 10- day MA and a decline till $1180 is likely.
Gold major intraday resistance is around $1210 (61.8% retracement of $1220.25 and $1193) any break above targets $1234/$1247 (50% retracement of $1375 and $1122) in the short term.
On the lower side, immediate support is around $1188 (30- day EMA) and any indicative break below targets $1180 (21 day MA)/ $1173 (daily Kijun-Sen)/$1159 (61.8% retracement of $1122 and $1218.94).
It is good to sell on rallies around $1200-$1202 with SL around $1211 for the TP of $1188/$1180.
Major resistance - $1220 (100- day EMA)
The yellow metal has broken trend line support and also psychological support at $1200 yesterday. Gold declined till $1193 and it is currently trading around $1198.30.
In the daily chart gold is slightly below 10- day MA and a decline till $1180 is likely.
Gold major intraday resistance is around $1210 (61.8% retracement of $1220.25 and $1193) any break above targets $1234/$1247 (50% retracement of $1375 and $1122) in the short term.
On the lower side, immediate support is around $1188 (30- day EMA) and any indicative break below targets $1180 (21 day MA)/ $1173 (daily Kijun-Sen)/$1159 (61.8% retracement of $1122 and $1218.94).
It is good to sell on rallies around $1200-$1202 with SL around $1211 for the TP of $1188/$1180.
