Gold is in consolidation phase around $1209 and $1183. It is likely to face strong resistance around $1209 (61.8% retracement of $1224 and $1183) and intraday trend reversal can happen only above that level.
On the upside short term resistance is around $1209 and any break above would extend gains till $1225.
The commodity minor support is around $1199 (20 day MA) and break below will target $1183/1178.
Overall bullishness can be seen only if it closes above $1228 (200 day MA)
Indicators (Daily chart)
CCI (50) - Buy
Woodies CCI (14) - Neutral
Ichimoku - Neutral
We prefer to go long only above $1209 for the target of $1225 with stop around $1200.
On the upside short term resistance is around $1209 and any break above would extend gains till $1225.
The commodity minor support is around $1199 (20 day MA) and break below will target $1183/1178.
Overall bullishness can be seen only if it closes above $1228 (200 day MA)
Indicators (Daily chart)
CCI (50) - Buy
Woodies CCI (14) - Neutral
Ichimoku - Neutral
We prefer to go long only above $1209 for the target of $1225 with stop around $1200.