FxWirePro: Gold Faces Strong Support at $1270, Good to Buy at Dips

FxWirePro: Gold Faces Strong Support at $1270, Good to Buy at Dips

17 May 2016, 08:26
Roberto Jacobs
0
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FxWirePro: Gold Faces Strong Support at $1270, Good to Buy at Dips

  • Major support - $1270 (10 day EMA) 
  • The yellow metal has once again retreated after making a high of $1288. 
  • Gold has made a low of $1273 today at the time of writing and slightly recovered in Asian Session
  • It is currently trading around $1279. 
  • Intra day trend is slightly bullish as long as support $1270 holds. 
  • Any breach below $1270 will drag the commodity down till $1260/$1242 in short term. 
  • On the higher side resistance is around $1303 and break above targets $1314/$1330. 
  • Gold should break below $1260 for further bearishness.


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

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