FxWirePro: Gold Trades Higher on Weak Dollar, Good to Buy at Dips

FxWirePro: Gold Trades Higher on Weak Dollar, Good to Buy at Dips

9 June 2016, 08:34
Roberto Jacobs
0
9

FxWirePro: Gold Trades Higher on Weak Dollar, Good to Buy at Dips

  • Major Support - $1242 (21 day EMA) 
  • Gold has broken major resistance $1256 (trend line joining $1303 and $1288) and jumped till $1266 at the time of writing. It is currently trading around $1261.8. 
  • Short term trend is bullish as long as support $1242 holds. 
  • On the higher side any break above $1256 will take the bullion till $1282/$1303. 
  • Gold major support is around $1242 and any break below targets $1228/$1225.The minor support is around $1250. 
  • Overall bullish invalidation only below $1200.

It is good to buy at dips around $1250 with SL around $1240 for the TP of $1266/$1282

The material has been provided by ifx_logo.gif



Share it with friends: