Gold trades in narrow range

June 2, 2016

Major resistance- $1226 (10 day EMA). The yellow metal has jumped after making a low of $1205 yesterday. It is currently trading at $1215. Market awaits ECB policy decision today for further direction.

ECB is expected to keep interest unchanged with no addition of further stimulus. But the Central bank will probably will increase the inflation forecast. Gold’s major resistance around $1226 (10 day EMA) and any slight bullishness only above that level. 

Any indicative break above $1226 will take the commodity till $1235/$1239 level. Short term bullishness only above $1240 (55 day EMA). On the lower side major support is around $1200 and any break below targets $1190/$1175/$1160.

It is good to sell below $1200 with SL around $1221 for the TP of $1160

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