Gold faces strong support at $1359

July 7, 2016

Major intraday support -$1359. The yellow metal has declined till $1359 yesterday and slightly recovered from that level. It is currently trading around $1367.19. The Intraday trend is slightly bullish as long as support $1359 holds.

Any break below $1359 will drag the commodity till $1351 (61.8% retracement of $1338 and $1375). On the higher side, resistance is around $1375 and any break above targets $1385/$1400. It is good to buy at dips around $1365-67 with SL around $1359 for the TP of $1374/$1385

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