- Major support - $1340 (hourly Tenkan-Sen).
- Major resistance- $1353 (61.8% retracement of $1367 and $1330.46).
- Gold has broken major resistance $1338 (21 day MA) and jumped till $1353 at the time of writing. It is currently trading around $1351.16.
- Short term weakness can be seen only below $1337 level.
- On the higher side, major resistance is around $1353 and any break above targets $1367/$1375.Any break above $1375 will take the commodity to next level till $1395/$1400.
- Technically any break below $1340 will drag the gold down till $1329/$1325.
- Short term weakness only below $1300.
It is good to buy on dips around $1345-48 with SL around $1337 for the TP of $1366.
