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FxWirePro:Gold struggles to break above $1300, good to buy at dips

  • Major support - $1248 (200 HMA)
     
  • Major resistance - $1289 (May 16th high)
     
  • The yellow metal ahs jumped till $1287 yesterday on account of Brexit and Oralando terror attack.
     
  • It has slightly declined from the high and is currently trading at $1279.
     
  • The minor support of Gold is around $1278 (hourly Tenkan-Sen ) and any break below will drag the pair down till  $1271 (21 day MA)/$1265 (hourly Kijun-Sen).
  •  
  • On the higher side any break above $1289 will take the gold to next level at $1300/$1305.Extreme bullishness can be seen above $1305 level.
     
  • Overall trend reversal only below $1200.

It is good to buy at dips around $1275 with SL around $1265 for the TP of $1293/1300

 

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