Gold 0.36% has been highly volatile for the past two trading session. The yellow metal formed a minor bottom at $1306.56. The commodity jumped till $1326.50 at the time of writing. It is current trading around $1323.50.
The yellow metal recovery was mainly due to turmoil in equity market across the globe and that increases the safe haven demand. Investors shifting the investment to gold 0.36% which is safe compared to equity.
On the lower side, any break below $1305 will drag the gold 0.36% down till $1300/$1292. Bearish continuation only if it closes below $1292 level.
The near term resistance is around $1329 (daily Tenken-Sen) and any break above will take the commodity till $1335 (20- day MA)/$1338 (100- 4H MA).
It is good to buy on dips around $1314-15 with SL around $1305 for the TP of $1327/
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