Major support - $1292 (200 HMA)
The yellow metal has once again recovered after making low of $1305. It is currently trading around $1318.91.
In hourly chart gold is trading slightly above Tenkan-Sen ($1315.56) and Kijun-Sen ($1313.62). On the lower side, major support is around $1292 (200 HMA) any break below targets $1278 (daily Kjun-Sen) /$1259 (61.8% retracement of $1200 and $1358).
The major resistance is around $1335 (161.8% retracement of $1358 and $1314) and any break above targets $1358 (24th Jun 2016 high)/$1372 (1.272% retracement of $1358 and $1305.38).
It is good to buy at dips around $1310 with SL around $1290 for the TP of $1335/$1358
The yellow metal has once again recovered after making low of $1305. It is currently trading around $1318.91.
In hourly chart gold is trading slightly above Tenkan-Sen ($1315.56) and Kijun-Sen ($1313.62). On the lower side, major support is around $1292 (200 HMA) any break below targets $1278 (daily Kjun-Sen) /$1259 (61.8% retracement of $1200 and $1358).
The major resistance is around $1335 (161.8% retracement of $1358 and $1314) and any break above targets $1358 (24th Jun 2016 high)/$1372 (1.272% retracement of $1358 and $1305.38).
It is good to buy at dips around $1310 with SL around $1290 for the TP of $1335/$1358