•Gold has broken major support $1252 and declined till $1228. Overall trend is bearish s long as resistance $1265 holds.
•On the downside minor support is around $1219 and break below will target $1199.
•The short term resistance is around $1252 (support turned resistance) and break above will take the commodity to $1265/1285.
Indicators (4 hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell Gold around $1250-55, SL $1265, Target $1225/1209.
•On the downside minor support is around $1219 and break below will target $1199.
•The short term resistance is around $1252 (support turned resistance) and break above will take the commodity to $1265/1285.
Indicators (4 hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell Gold around $1250-55, SL $1265, Target $1225/1209.