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Gold has once again made a low of $1079 on Friday and recovered from that level. It is currently trading around $1093.
- In monthly chart MACD is showing oversold level and a jump till $1130/$1160 is possible .
- On the downside major short term support is around $1070 and any break below targets $1040.
- Any break below $1040 (trend line joining $1130 and $1071) will drag the pair further down a decline till $800 is possible .
- The pair's minor resistance is around $1100 and break above targets $1130/$1160 level.
It is good to buy at dips around $1085-90 with SL around $1070 for the TP of $1130/$1155.
