Major support - $1225 (21- day EMA)
Major resistance - $1245 (Feb 8th high)
The yellow metal is trading in narrow range between $1243.85 and $1226 for the past four trading sessions. It is currently trading around $1236.
FOMC minutes meeting shows that hike can be expected in the Mar month as labor market and inflation was stronger than expected.
U.S dollar index has slightly declined once again from the high of 101.72. The index is facing strong double top around 101.73 and any further bullish continuation only above that level.
Gold major resistance is around $1245 (200- WMA) and any break above targets $1262 (200-day MA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, minor support are around $1233 (10- day MA) and any indicative break below targets $1227 (61.8% retracement of $1216 and $1243.85)/$1222 (21- day EMA)/$1212 (daily Kijun-Sen).
It is good to buy above $1245 with SL around $1235 for the TP of $162/$1278.
Major resistance - $1245 (Feb 8th high)
The yellow metal is trading in narrow range between $1243.85 and $1226 for the past four trading sessions. It is currently trading around $1236.
FOMC minutes meeting shows that hike can be expected in the Mar month as labor market and inflation was stronger than expected.
U.S dollar index has slightly declined once again from the high of 101.72. The index is facing strong double top around 101.73 and any further bullish continuation only above that level.
Gold major resistance is around $1245 (200- WMA) and any break above targets $1262 (200-day MA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
On the lower side, minor support are around $1233 (10- day MA) and any indicative break below targets $1227 (61.8% retracement of $1216 and $1243.85)/$1222 (21- day EMA)/$1212 (daily Kijun-Sen).
It is good to buy above $1245 with SL around $1235 for the TP of $162/$1278.
