•Gold edged slightly up from 5- week low on account of weak global equity market and political tension. U.S dollar index rose sharply till 97.87 after a minor bottom around 96.32 as a key U.S Federal reserve official Dudley confirmed the central bank’s hawkish stance on interest rates. The yellow metal recovered around $6 from the low of $1241 and is currently trading around $1246.33.
•Political tensions in Britain and U.S is supporting the bullion prices. Brexit negotiations begins in Brussels on Monday which will set the terms for U.K’s divorce from the EU.
•Gold’s near term support is around $1239 (100-MA) and break below will drag the commodity down till $1229 (38.2% retracement of $1126 and $1296). The yellow metal has taken support near 100- day MA and any further weakness can be seen only below this level.
•On the higher side, in the hourly chart minor resistance is around $1250 (55- EMA) and any break above will take the commodity till $1260 (200- HMA)/$1263 (38.2% retracement of $1296 and $1243) /$1269 (daily Kijun-Sen).
It is good to buy on dips around $1244-$1245 with SL around $1239 for the TP of $260/$1263.
•Political tensions in Britain and U.S is supporting the bullion prices. Brexit negotiations begins in Brussels on Monday which will set the terms for U.K’s divorce from the EU.
•Gold’s near term support is around $1239 (100-MA) and break below will drag the commodity down till $1229 (38.2% retracement of $1126 and $1296). The yellow metal has taken support near 100- day MA and any further weakness can be seen only below this level.
•On the higher side, in the hourly chart minor resistance is around $1250 (55- EMA) and any break above will take the commodity till $1260 (200- HMA)/$1263 (38.2% retracement of $1296 and $1243) /$1269 (daily Kijun-Sen).
It is good to buy on dips around $1244-$1245 with SL around $1239 for the TP of $260/$1263.