Gold forms golden crossover, jump till $1278 likely
Gold prices shown further jump and is trading near minor top formed at $1265 formed on May 18th 2017 on account of surging Euro and Trump turmoil increased the demand for safe haven and reduced the chance of rate hike. The precious metal jumped till $1263.89 at the time of writing and is currently trading around $1262.
US Dollar index broken the previous week low of 97.10 and declined till of 96.80 level. The index is trading well below 89- W EMA and this confirms minor weakness, a decline till 95.90 likely.
In the daily chart the yellow metal has formed golden cross over 50-day moving average rose above its 200-day moving average and this confirms bullish signal.
Technically gold is facing strong support at $1249 (50- day MA) and any break below will drag the precious metal till $1245 (200 day MA)/$1239 (89 – EMA). It should break below $1195 (Mar 10th 2017 low) for further weakness.
On the higher side, near term resistance is around $1265 (61.8% retracement of $1295 and 1214) and any break above targets $1278 (61.8% retracement of $1375 and $1122)/$1295.
It is good to buy on dips around $1257 with SL around $1248 for the TP of $1265/$1278.
US Dollar index broken the previous week low of 97.10 and declined till of 96.80 level. The index is trading well below 89- W EMA and this confirms minor weakness, a decline till 95.90 likely.
In the daily chart the yellow metal has formed golden cross over 50-day moving average rose above its 200-day moving average and this confirms bullish signal.
Technically gold is facing strong support at $1249 (50- day MA) and any break below will drag the precious metal till $1245 (200 day MA)/$1239 (89 – EMA). It should break below $1195 (Mar 10th 2017 low) for further weakness.
On the higher side, near term resistance is around $1265 (61.8% retracement of $1295 and 1214) and any break above targets $1278 (61.8% retracement of $1375 and $1122)/$1295.
It is good to buy on dips around $1257 with SL around $1248 for the TP of $1265/$1278.
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