FxWirePro: Gold Trades Higher on Weak Dollar, Good to Buy at Dips
9 June 2016, 08:34
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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
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