FxWirePro: Gold Struggles to Break Below $1260, Good to Buy at Dips

FxWirePro: Gold Struggles to Break Below $1260, Good to Buy at Dips

16 May 2016, 08:41
Roberto Jacobs
0
12

FxWirePro: Gold Struggles to Break Below $1260, Good to Buy at Dips

  • Major support - $1261 (21 day MA) 
  • The yellow metal has once again taken support near $1260 and recovered from that level. It is currently trading around $1277. 
  • Short term trend is slightly bullish as long as support $1260 holds. 
  • Any breach below $1260 will drag the commodity down till $1242/$1228 in short term. 
  • On the higher side resistance is around $1279.20 (Tenken-Sen) and break above targets $1285/$1300/$1304. 
  • Gold should break above temporary top $1303 for further bullishness.

It is good to buy at dips around $1270 with SL around $1260 for the TP of $1285/$1300

The material has been provided by ifx_logo.gif



Share it with friends: