Gold trades slightly below 21-day MA, dip till $1311 likely

12 September 2016, 08:48
Eko Rediantoro
0
19

  • Major support – $1332 (21-day MA). 
     
  • Major resistance - $1345
     
  • The yellow metal has broken major support at $1332 and slightly declined till $1325 at the time of writing . It is currently trading around $1328. 
     
  • Intraday support is around $1323 (55- day EMA) and any break below 55- day MA will drag the yellow metal down till $1311/$1306 (90- day EMA). 
     
  • Gold  is facing major intraday resistance around $1333 (daily Kijun-Sen)and any break above targets $1345 (61.8% retracement of $1352.61 and $1335)/$1352. 
     
  • Short term weakness only below $1300. 

It is good to sell on rallies around 1332 with SL around $1340 for the TP of $1323/$1311


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