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- Gold hits one and half month high on Friday on account of declining U.S dollar and weaker than expected U.S economic data. The yellow metal jumped till $1271.25 at the time of writing and is currently trading around $1268.
- The political tensions in N.Korea also supporting prices of gold. N.Korea has once again tested intercontinental Ballistic missile which could reach as far Chicago.
- Technically gold has broken major resistance around $1268 and it should close above that for further bullish continuation.
- Gold’s near term support is around $1255 (23.6% retracement of $1204 and $1271.25) and break below will drag the commodity down till $1250 (10- day MA)/$1245 (21- day EMA)/$1230 (200- day MA). The yellow metal should break below $1195 for major trend reversal.
- On the higher side, in the daily chart minor resistance is around $1268 and any close above will take the commodity till $1280 (61.8% retracement of $1375 and $1122)/$1295.
It is good to buy on dips around $1260 with SL around $1250 for the TP of $1280.
