Intraday trend-Bullish
Gold has recovered and broken major resistance $1205 after making a low of $1142. Intraday trend is bullish as long as support $1185 holds.
On the downside break below $1185 will target $1175/1160.
The major resistance is around $1221 and any break above will target $1237 (50% retracement of $1342 and $1130)/$1255 (Oct 20th high).
Overall trend reversal -$1175 (Cloud bottom and also Nov19th low)
Indicators
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Buy
It is good to buy at dips with stop around $1185 (Kijun-Sen).
Recommendation: Buy gold around $1195, SL $1184, Target $1220/1237.
Gold has recovered and broken major resistance $1205 after making a low of $1142. Intraday trend is bullish as long as support $1185 holds.
On the downside break below $1185 will target $1175/1160.
The major resistance is around $1221 and any break above will target $1237 (50% retracement of $1342 and $1130)/$1255 (Oct 20th high).
Overall trend reversal -$1175 (Cloud bottom and also Nov19th low)
Indicators
Ichimoku (9, 26, 52, 26) - Buy
MACD (12.26.9) – Buy
It is good to buy at dips with stop around $1185 (Kijun-Sen).
Recommendation: Buy gold around $1195, SL $1184, Target $1220/1237.