Search
Products
Community
Markets
News
Brokers
More
IN
Get started
Community
/
Ideas
/
Gold faces major support around $1230, good to buy at dips
Gold Spot / U.S. Dollar
Long
Gold faces major support around $1230, good to buy at dips
By FxWirePro
Follow
Follow
Mar 22, 2016
7
Mar 22, 2016
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
FxWirePro
Follow
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the
Terms of Use
.