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