Gold has recovered after making a low of $1142 but it is struggling to close above $1182 (20 day MA). Any close above $1182 confirms short term bullishness and jump till $1225 cannot be ruled out.
On the downside minor support is around $1160 and any break below will drag the commodity further down till $1142/$1131.
Indicators (Daily Chart)
CCI (50) – Sell
CCI (14) – Sell
Recommendation: Sell Gold around $1165-67, SL $1182, Targets $1142/$1131.
The material has been provided by InstaForex Company – www.instaforex.com