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FxWirePro: Gold trades higher on weak US dollar, good to buy on dips

  • Major resistance - $1237 (61.8% retracement of $1263.95 and $1195).
     
  • Gold rallied to highest in two weeks at the time of writing on account of  weak US  dollar. The yellow metal broken previous week high of $1233.85 and jumped slightly till $1235.29.
     
  • The yellow metal has taken support near 100- day EMA and any minor weakness can be seen only below that level. It is currently trading around $1233.98.
     
  • DXY hits three week low yesterday and is trading at 100.13 . The index is facing strong support at 100 and break below will drag the pair down till 99.25 likely. It is currently trading around 100.15.
     
  • Technically, near term resistance is $1237 (61.8% retracement of $1263.95 and $1195) and any break above will take the yellow metal till $1250.
     
  • On the lower side, $1219 (50- day MA) will be acting as major support and any break below will drag the gold down till $1207 (100- day MA)/$1196.

    It is good to buy on dips around $1227-28 with SL around $1219 for the TP of $1237/$1249
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