Gold downside capped by 61.8% fibo, good to buy above $1332
13 September 2016, 15:49
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- Major resistance - $1345
- The yellow metal has recovered sharply from the low of $1320 made yesterday.
It is currently trading around $1330.34.
- Intraday support is around $1321 (61.8% retracement of $1302.55 and
$1352.61) and any break below that level will drag the yellow metal down till
$1311/$1306 (90- day EMA).
- Gold is facing major intraday resistance around $1332 (21- day MA) and any
break above targets $1345 (61.8% retracement of $1352.61 and
$1335)/$1352.
- Short term weakness only below $1300.
It is good to buy above $1332 with SL around $1323 for the TP of $1344/$1352
