Gold downside capped by 61.8% fibo, good to buy above $1332
Major resistance - $1345
The yellow metal has recovered sharply from the low of $1320 made yesterday. It is currently trading around $1330.34.
Intraday support is around $1321 (61.8% retracement of $1302.55 and $1352.61) and any break below that level will drag the yellow metal down till $1311/$1306 (90- day EMA).
Gold is facing major intraday resistance around $1332 (21- day MA) and any break above targets $1345 (61.8% retracement of $1352.61 and $1335)/$1352.
Short term weakness only below $1300.
It is good to buy above $1332 with SL around $1323 for the TP of $1344/$1352
The yellow metal has recovered sharply from the low of $1320 made yesterday. It is currently trading around $1330.34.
Intraday support is around $1321 (61.8% retracement of $1302.55 and $1352.61) and any break below that level will drag the yellow metal down till $1311/$1306 (90- day EMA).
Gold is facing major intraday resistance around $1332 (21- day MA) and any break above targets $1345 (61.8% retracement of $1352.61 and $1335)/$1352.
Short term weakness only below $1300.
It is good to buy above $1332 with SL around $1323 for the TP of $1344/$1352