Gold Intraday trade idea (Buy on dips)
Intraday trend – Bullish (based on linear regression)
Minor resistance - $1165 (channel top)
Major support - $1139 (200- H MA)
Gold made a slight jump from the low of $1149 made yesterday. The yellow metal jumped till $1158.74.
The intraday trend is slightly bullish as long as support $1147 (100- HMA) holds and any break above will drag the yellow metal down till $1139/$1122 level. The minor support stands at $1154.A slight weakness can be seen till $1147/$1139.
The precious metal should break above $1165 for further bullishness. Any break above $1165 will take the precious metal to next level till $1171 (61.8% retracement of $1163.21 and $1149)/$1188.
It is good to buy on dips around $1155-$1157 with SL around $1147 for the TP of $1165/$1180
Minor resistance - $1165 (channel top)
Major support - $1139 (200- H MA)
Gold made a slight jump from the low of $1149 made yesterday. The yellow metal jumped till $1158.74.
The intraday trend is slightly bullish as long as support $1147 (100- HMA) holds and any break above will drag the yellow metal down till $1139/$1122 level. The minor support stands at $1154.A slight weakness can be seen till $1147/$1139.
The precious metal should break above $1165 for further bullishness. Any break above $1165 will take the precious metal to next level till $1171 (61.8% retracement of $1163.21 and $1149)/$1188.
It is good to buy on dips around $1155-$1157 with SL around $1147 for the TP of $1165/$1180
