Gold faces major support around $1230, good to buy at dips
Major Support - $1230 (trend line joining $1190 and $1225)
Major resistance - $1261 (trend line joining $1284 and $1270)
Yellow metal has made a low of $1240 and started to recover from that level. Short term trend is bullish as long as support $1230 holds.
On the higher side minor resistance is around $1250 (7 day EMA) and break above targets $1261/$1270 level.
Major trend reversal level $1285.
Any break below $1230 confirms minor trend reversal, a decline till $1210/$1200 is possible.
Overall bullish invalidation only below $1190.
It is good to buy at dips around $1245-$1247 with SL around $1230 for the TP of $1261/$1270$1283
Major resistance - $1261 (trend line joining $1284 and $1270)
Yellow metal has made a low of $1240 and started to recover from that level. Short term trend is bullish as long as support $1230 holds.
On the higher side minor resistance is around $1250 (7 day EMA) and break above targets $1261/$1270 level.
Major trend reversal level $1285.
Any break below $1230 confirms minor trend reversal, a decline till $1210/$1200 is possible.
Overall bullish invalidation only below $1190.
It is good to buy at dips around $1245-$1247 with SL around $1230 for the TP of $1261/$1270$1283
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