Gold Intraday Trade Idea

  • Major resistance – $1198 (60- day EMA)
     
  • Major support – $1170 (30- day EMA)
     
  • The yellow metal hits 7 –week high yesterday as dollar weakened after Donald Trump sppech.U.S president Donald Trump have provided little clarity on the fiscal policies. Gold has jumped till $119.34 and is currently trading around $1198.09.
     
  • US 10- year bond yield is facing strong resistance at 2.46 (200- HMA) and slight bullishness can be seen only above that level. Any violation above will take the yield till 2.52%. It is currently trading around 2.37%.
     
  • Gold major resistance is around $1198 (60- day EMA) and any break above targets $1205 (38.2% retracement of $1337 and $1122)/$1219 (38.2% retracement of $1375 and $122) in the short term.
     
  • On the lower side, immediate support is around $1171 (30- day EMA) and any indicative break below targets $1160 (daily Kijun-Sen)/$1152 (61.8% retracement of $1122 and $1190.70).The minor support is around $1175.

    It is good to buy on dips around $1190-$1192 with SL around $1180 for the TP of $1205/$1219.

The material has been provided by InstaForex Company – www.instaforex.com

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