Pattern formed- Bearish Divergence (RSI and MACD)
Major support - $1199 (10- day MA)
Major resistance - $1220 (100- day EMA)
The yellow metal has jumped till $1219.60 on Friday on account of weak U.S dollar. Gold has taken support near 10- day MA and jumped sharply from that level. It is currently trading around $1215.40.
In the daily chart gold has formed bearish divergence in RSI and MACD, a decline till $1199 is possible.
Gold major resistance is around $1220 (100- day EMA) and any break above targets $1234/$1247 (50% retracement of $1375 and $1122) in the short term.
On the lower side, immediate support is around $1199 (10- day MA) and any indicative break below targets $1184 (30- day EMA)/$1170 (daily Kijun-Sen)/$1159 (61.8% retracement of $1122 and $1218.94).
It is good to sell on rallies around $1217-$1219 with SL around $1230 for the TP of $1199.
Major support - $1199 (10- day MA)
Major resistance - $1220 (100- day EMA)
The yellow metal has jumped till $1219.60 on Friday on account of weak U.S dollar. Gold has taken support near 10- day MA and jumped sharply from that level. It is currently trading around $1215.40.
In the daily chart gold has formed bearish divergence in RSI and MACD, a decline till $1199 is possible.
Gold major resistance is around $1220 (100- day EMA) and any break above targets $1234/$1247 (50% retracement of $1375 and $1122) in the short term.
On the lower side, immediate support is around $1199 (10- day MA) and any indicative break below targets $1184 (30- day EMA)/$1170 (daily Kijun-Sen)/$1159 (61.8% retracement of $1122 and $1218.94).
It is good to sell on rallies around $1217-$1219 with SL around $1230 for the TP of $1199.
