FxWirePro: Buy Gold on dips

• Gold has recovered almost 1% yesterday from the 6- week low $1236 on account of weak dollar and sell off equities. The yellow metal shown a minor recovery till $1253.59 and is currently trading around $1251.66.
   
• Investors will watch for major data this week for further direction. Major data to be released this week are US June consumer confidence and revised US first quarter GDP. Any softness in the data could push back rate hike expectations.
   
• A huge sell order totaling 1.85 million ounces pushed the gold lower near 200 –day MA.
   
• Gold’s near term support is around $1237 (200-MA) and break below will drag the commodity down till $1229 (38.2% retracement of $1126 and $1296). The yellow metal has taken support near 100- day MA and any further weakness can be seen only below this level.
   
• On the higher side, in the daily chart minor resistance is around $1255 (21 EMA) and any break above will take the commodity till $1266 (100- 4H MA)/$1263 (38.2% retracement of $1296 and $1243) /$1269 (daily Kijun-Sen).

It is good to buy on dips $1246-$1248 with SL around $1237 for the TP of $1263/$1266. 

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