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