Gold faces strong support at $1260

June 22, 2016

Major support - $1264 (21 day EMA). The yellow metal has declined drastically after fear of Britain leaving the EU eases. It is currently trading around $1265. Gold should close below $1264 (21 day EMA) for further weakness.

If the pair closes below this level today , a decline till $1250/$1234 (90 day EMA)/$1225 is possible. On the higher side resistance is around $1280 (7 day EMA) and any break above targets $1292/$1300/$1315 (200 W MA). Overall trend reversal only below $1200.

It is good to sell below $1260 with SL around $1280 for the TP of $1235/$1224.

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