Gold faces support at $1285,break below targets $1250/$1242
Candle Stick pattern formed- Shooting star
Potential reversal Zone - $1303 (yesterday high)
Gold has broken major psychological resistance $1300 and jumped till $1303.62. It is currently trading around $1293.
The Yellow metal has declined till $1285 and recovered slightly from that level. On the lower side yesterday’s low will be acting as major intraday support and any break below targets $1265/$1250/$1242 in short term.
On the higher side major resistance is around $1303 and break above targets $1310/$1325/$1345 in short term.
Short term trend reversal only below $1227.
It is good to sell below $1285 with SL around $1303 for the TP of 1251/$1242
Potential reversal Zone - $1303 (yesterday high)
Gold has broken major psychological resistance $1300 and jumped till $1303.62. It is currently trading around $1293.
The Yellow metal has declined till $1285 and recovered slightly from that level. On the lower side yesterday’s low will be acting as major intraday support and any break below targets $1265/$1250/$1242 in short term.
On the higher side major resistance is around $1303 and break above targets $1310/$1325/$1345 in short term.
Short term trend reversal only below $1227.
It is good to sell below $1285 with SL around $1303 for the TP of 1251/$1242
