- 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