Gold has slightly recovered after making low of $1195 and overall trend is still bullish as long as support $1190 holds.
On the upside Gold is facing resistance around $1214(100 day MA)-$1217(20 day MA) and on break above would extend gains to $1225-$1230.
The commodity is facing support around $1190 and any further weakness can be seen only below that level.
Indicators (Daily chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Neutral
Recommendation: Buy Gold around $1200, SL $1188, Targets $1215/$1224.
On the upside Gold is facing resistance around $1214(100 day MA)-$1217(20 day MA) and on break above would extend gains to $1225-$1230.
The commodity is facing support around $1190 and any further weakness can be seen only below that level.
Indicators (Daily chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Neutral
Recommendation: Buy Gold around $1200, SL $1188, Targets $1215/$1224.