Major resistance - $1358
Major support - $1343 (200 MA)
The yellow metal has slightly declined till $1345 yesterday from the high of $1355.96..It is currently trading at $1350.Gold has declined slightly yesterday after Fed President John Williams said overnight that rate is expected to happen “sooner rather than later”.
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 $1343 (200 H MA) and break below will drag the commodity down till $1338/$1330/$1315 (55 day EMA)/$1295.
It is good to buy on dips around $1345-1348 with SL of $1338 for the TP of $1358/$1368.
Major support - $1343 (200 MA)
The yellow metal has slightly declined till $1345 yesterday from the high of $1355.96..It is currently trading at $1350.Gold has declined slightly yesterday after Fed President John Williams said overnight that rate is expected to happen “sooner rather than later”.
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 $1343 (200 H MA) and break below will drag the commodity down till $1338/$1330/$1315 (55 day EMA)/$1295.
It is good to buy on dips around $1345-1348 with SL of $1338 for the TP of $1358/$1368.
