Gold faces major resistance at $1300, good to buy at dips
Major Support - $1250 (7 W EMA)
Gold has broken major trend line resistance $1260 (trend line joining $1303 and $1288) and jumped till $1278.It is currently trading around $1274.
Short term trend is bullish as long as support $1250 holds.
On the higher side any break above $1282 (78.6% retracement of $1303.65 and $1199) and any break above will take the bullion till $1292/$1303 (May 2nd high).
Gold minor support is around $1258 and any break below targets $1250/$1243 (21 day MA).
Overall bullish invalidation only below $1200.
Market awaits FOMC monetary policy meeting on Jun 15th for further direction.
It is good to buy at dips around $1270-72 with SL around $1259 for the TP of $1282/$1292/$1303
Gold has broken major trend line resistance $1260 (trend line joining $1303 and $1288) and jumped till $1278.It is currently trading around $1274.
Short term trend is bullish as long as support $1250 holds.
On the higher side any break above $1282 (78.6% retracement of $1303.65 and $1199) and any break above will take the bullion till $1292/$1303 (May 2nd high).
Gold minor support is around $1258 and any break below targets $1250/$1243 (21 day MA).
Overall bullish invalidation only below $1200.
Market awaits FOMC monetary policy meeting on Jun 15th for further direction.
It is good to buy at dips around $1270-72 with SL around $1259 for the TP of $1282/$1292/$1303
