Gold is in consolidation phase around $1212 and $1183. It is likely to face strong resistance around $1212 and intraday trend reversal can happen only above that level.
On the upside short term resistance is around $1212 and any break above would extend gains till $1225.
The commodity minor support is around $1198 and break below will target $1183/1178.
Indicators (1 Hour chart)
CCI (50) - Buy
Woodies CCI (14) - Neutral
Ichimoku - Neutral
We prefer to buy at dips around $1200 with stop around $1194 for the target of $1212.
On the upside short term resistance is around $1212 and any break above would extend gains till $1225.
The commodity minor support is around $1198 and break below will target $1183/1178.
Indicators (1 Hour chart)
CCI (50) - Buy
Woodies CCI (14) - Neutral
Ichimoku - Neutral
We prefer to buy at dips around $1200 with stop around $1194 for the target of $1212.