Major resistance - $1265
Major support - $1240 (trend line joining $1180 and $1216)
Gold declined sharply after hitting three month high on account of strong U.S dollar. The yellow metal down almost $25 from the high of $1234 level. The pair is currently trading around $1244.
US Dollar index has taken support near 55- day EMA and jumped sharply from that level. The major resistance is around $101.73 and any break above will take the index till 102.05/102.95 (Jan 11th high).
On the higher side, $1262 (200- day MA) will be acting as major resistance and any further bullishness only if it closes above that level. Any daily close above $1262 will target $1278 (61.8% retracement of $1375.20 and $1122.70).
The immediate support is around $1240 (trend line joining $1180 and $1216) and break below targets $1234 (21- day EMA)/$1222 (daily Kijun-Sen).
It is good to sell below $1240 with SL around $1250 for the TP of $1223/$1216.
Major support - $1240 (trend line joining $1180 and $1216)
Gold declined sharply after hitting three month high on account of strong U.S dollar. The yellow metal down almost $25 from the high of $1234 level. The pair is currently trading around $1244.
US Dollar index has taken support near 55- day EMA and jumped sharply from that level. The major resistance is around $101.73 and any break above will take the index till 102.05/102.95 (Jan 11th high).
On the higher side, $1262 (200- day MA) will be acting as major resistance and any further bullishness only if it closes above that level. Any daily close above $1262 will target $1278 (61.8% retracement of $1375.20 and $1122.70).
The immediate support is around $1240 (trend line joining $1180 and $1216) and break below targets $1234 (21- day EMA)/$1222 (daily Kijun-Sen).
It is good to sell below $1240 with SL around $1250 for the TP of $1223/$1216.
