Gold trading in a range

Gold is in a range bound trade after hitting highs of $1208 in the Asian trading session due to rising uncertainties over Donald Trump’s policies and Brexit concerns.
A higher dollar is capping the yellow metal gains, though it still remains in a positive bias.

Gold took support at $1197.5 before hitting the $1208.45 mark which is a resistance on the daily chart. A break of either support/resistance may lead to a more directional price movement.
A buy in dips and sell at highs method can be used to trade the range intra-day.
Positional trade remains the same, it can be bought for a possible target of $1225-$1228 and even higher to $1248 which is its next key resistance level with a stop loss at $1182.



3 thoughts on “Gold trading in a range

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s