Gold: Bullish divergence and 161.8% retracement
Major support - $1180 (161.8% retracement of $1337 and $1241.50)
Minor resistance- $1200 (3- day EMA)
Pattern Formed- Bullish Divergence (MACD and RSI)
Gold has broken major pschycological support at $1200 and declined sharply till $1182 yesterday. It is currently trading around $1186.
The yellow metal‘s overall trend is weak but the MACD and RSI in the daily chart is showing Bullish divergence. So, slight jump till $1200 is possible.
Short term bullishness only above $1235.
On the lower side, any break below $1180 will drag the commodity down till $1170 (61.8% retracement of $1375 and $1046)/$1160 level.
It is good to buy on dips around $1180 with SL around $1170 for the TP of $1200
Minor resistance- $1200 (3- day EMA)
Pattern Formed- Bullish Divergence (MACD and RSI)
Gold has broken major pschycological support at $1200 and declined sharply till $1182 yesterday. It is currently trading around $1186.
The yellow metal‘s overall trend is weak but the MACD and RSI in the daily chart is showing Bullish divergence. So, slight jump till $1200 is possible.
Short term bullishness only above $1235.
On the lower side, any break below $1180 will drag the commodity down till $1170 (61.8% retracement of $1375 and $1046)/$1160 level.
It is good to buy on dips around $1180 with SL around $1170 for the TP of $1200
