Gold trades higher on weak US dollar, good to buy on dips
Major support - $1216 (21- day EMA)
Major resistance - $1245 (200- W MA)
The yellow metal rose yesterday as the U.S dollar declined along U.S 10 year treasury bond yields. Gold hits the high of $1242.64 yesterday. It is currently trading around $1237.71.
U.S dollar index broken the major support at 100.60 (21- day EMA) and declined till 100.41. The index is facing major support at 100 level. Any minor weakness can be seen above that level.
Gold major resistance is around $1245(200- WMA) and any break above targets $1262 (200-day MA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, minor support are around $1232 (10- day MA) and any indicative break below targets $1216 (21- day EMA)/$1212 (daily Kijun-Sen) $1208 (55- day EMA). The minor support is around $1229 (10- day MA)/$1225 (daily Kijun-Sen).
It is good to buy on dips around $1230-32 with SL around $1216 for the TP of $1243/$1260.
Major resistance - $1245 (200- W MA)
The yellow metal rose yesterday as the U.S dollar declined along U.S 10 year treasury bond yields. Gold hits the high of $1242.64 yesterday. It is currently trading around $1237.71.
U.S dollar index broken the major support at 100.60 (21- day EMA) and declined till 100.41. The index is facing major support at 100 level. Any minor weakness can be seen above that level.
Gold major resistance is around $1245(200- WMA) and any break above targets $1262 (200-day MA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, minor support are around $1232 (10- day MA) and any indicative break below targets $1216 (21- day EMA)/$1212 (daily Kijun-Sen) $1208 (55- day EMA). The minor support is around $1229 (10- day MA)/$1225 (daily Kijun-Sen).
It is good to buy on dips around $1230-32 with SL around $1216 for the TP of $1243/$1260.