Major resistance - $1335 (26th Jun 2016 high)
Major support - $1317 (21 4H MA)
Gold has recovered sharply till $1330 at the time of writing after the Mark Carney hinted that the BOE could ease monetary policy later this summer.
Gold has declined till $1315 yesterday and jumped sharply from that level. Short term trend is bullish as long as support $1315 holds.
On the lower side, any break below $1315 will drag the commodity down till $1305 (Jun28th 2016 low)/$1290.
Technically Gold should break above $1335 for the continuation of upside movement. Any break above $1335 will take the yellow metal to next level $1358/$1372/$1392 (161.8% retracement of $1358 and $1304) level in the short term.
Overall bullish invalidation only below $1200.
It is good to buy above $1335 with SL around $1315 for the TP of $1358/$1372/$1390.
Major support - $1317 (21 4H MA)
Gold has recovered sharply till $1330 at the time of writing after the Mark Carney hinted that the BOE could ease monetary policy later this summer.
Gold has declined till $1315 yesterday and jumped sharply from that level. Short term trend is bullish as long as support $1315 holds.
On the lower side, any break below $1315 will drag the commodity down till $1305 (Jun28th 2016 low)/$1290.
Technically Gold should break above $1335 for the continuation of upside movement. Any break above $1335 will take the yellow metal to next level $1358/$1372/$1392 (161.8% retracement of $1358 and $1304) level in the short term.
Overall bullish invalidation only below $1200.
It is good to buy above $1335 with SL around $1315 for the TP of $1358/$1372/$1390.
