Intraday trend-Bullish
Gold has recovered till 1196 after making a low of $1186.22. Intraday trend is bullish as long as support $1185 holds.
On the downside break below $1185 will target $1175/1160.
The major resistance is around $1205 and any break above will target $1221/1237 (50% retracement of $1342 and $1130).
Overall trend reversal -$1175 (Nov 19th low)
Indicators (1 Hour Chart)
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Buy
It is good to buy at dips with stop around $1175 (Cloud Bottom).
Recommendation: Buy gold around $1190, SL $1175, Target $1221/1237.
Gold has recovered till 1196 after making a low of $1186.22. Intraday trend is bullish as long as support $1185 holds.
On the downside break below $1185 will target $1175/1160.
The major resistance is around $1205 and any break above will target $1221/1237 (50% retracement of $1342 and $1130).
Overall trend reversal -$1175 (Nov 19th low)
Indicators (1 Hour Chart)
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Buy
It is good to buy at dips with stop around $1175 (Cloud Bottom).
Recommendation: Buy gold around $1190, SL $1175, Target $1221/1237.