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Gold faces strong resistance at $1300, break above targets $1335

  • Candle Stick pattern formed- Shooting star
     
  • Potential reversal Zone - $1303 (yesterday high)
     
  • Gold has broken major psychological resistance $1300 and jumped till $1303.62. It is currently trading around $1293.
     
  • The Yellow metal has declined till $1285 and recovered slightly from that level. On the lower side yesterday’s low will be acting as major intraday support and any break below targets $1265/$1250/$1242 in short term.
     
  • On the higher side major resistance is around $1303 and break above targets $1310/$1325/$1345 in short term.
     
  • Short term trend reversal only below $1227.

It is good to buy above $1300 with SL around $1285 for the TP of $1335/$1345

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