Pattern formed – Double bottom
Major resistance - $1324 (trend line joining $1375 and $1333).
The yellow metal has made a low of $1312.05 yesterday and slightly jumped from that level. It is currently trading around $1318.82.
Any short term weakness can be seen only below $1310.The break below short-term support $1310 will drag the commodity down till $1305/1297 (61.8% retracement of $1250 and $1375).
On the higher side, major intraday resistance is around $1324 and any indicative break above $1324 targets $1336/$1350.
It is good to buy above $1324 with SL around $1310 for the TP of $1336/$1350
Major resistance - $1324 (trend line joining $1375 and $1333).
The yellow metal has made a low of $1312.05 yesterday and slightly jumped from that level. It is currently trading around $1318.82.
Any short term weakness can be seen only below $1310.The break below short-term support $1310 will drag the commodity down till $1305/1297 (61.8% retracement of $1250 and $1375).
On the higher side, major intraday resistance is around $1324 and any indicative break above $1324 targets $1336/$1350.
It is good to buy above $1324 with SL around $1310 for the TP of $1336/$1350