Major Resistance - $1375
Pattern formed- Double Top and bearish divergence in CCI (50)
Major support - $1330 (23.6% retracement of $1199 and $1375)
The yellow metal has retreated once again after making a high of $1375. It is currently trading around $1354.
The major resistance is around $1375 and any further bullishness only above that level. Any indicative break above $1375 will take the gold to next level till $1392/$1400.
Short term support is around $1330 and any violation below targets $1311 (7 W EMA)/$1307 (200 W MA).
In weekly chart, CCI (50) has formed bearish divergence . So a slight dip till $1305 is possible.
It is good to sell on rallies around $1360-1362 with SL around 1376 for the TP of $1330/$1311/$1307
Pattern formed- Double Top and bearish divergence in CCI (50)
Major support - $1330 (23.6% retracement of $1199 and $1375)
The yellow metal has retreated once again after making a high of $1375. It is currently trading around $1354.
The major resistance is around $1375 and any further bullishness only above that level. Any indicative break above $1375 will take the gold to next level till $1392/$1400.
Short term support is around $1330 and any violation below targets $1311 (7 W EMA)/$1307 (200 W MA).
In weekly chart, CCI (50) has formed bearish divergence . So a slight dip till $1305 is possible.
It is good to sell on rallies around $1360-1362 with SL around 1376 for the TP of $1330/$1311/$1307
