Major resistance - $1368
Major support - $1338 (21 day MA)
The yellow metal has once again regained till $1355.99 yesterday after making a low of $1336 yesterday and it is currently trading at $1338.Gold gained sharply after FOMC minutes left markets confused on the timing of the next hike.
The major resistance is at $1358 (Aug 10th high) and any break above targets $1368/$1375 in the short term.
On the lower side, support stands at $1338 (21 day MA) and break below will drag the commodity down till $1330/$1315 (55 day EMA)/$1295.
It is good to buy on dips around $1345-1348 for the TP of $1338 for the TP of $1331/$1316.
Major support - $1338 (21 day MA)
The yellow metal has once again regained till $1355.99 yesterday after making a low of $1336 yesterday and it is currently trading at $1338.Gold gained sharply after FOMC minutes left markets confused on the timing of the next hike.
The major resistance is at $1358 (Aug 10th high) and any break above targets $1368/$1375 in the short term.
On the lower side, support stands at $1338 (21 day MA) and break below will drag the commodity down till $1330/$1315 (55 day EMA)/$1295.
It is good to buy on dips around $1345-1348 for the TP of $1338 for the TP of $1331/$1316.