FxWirePro: Gold Short term outlook

US Dollar Index -Trend negative .US Dollar index is trading lower for 3rd consecutive days and lost more than 100 pips. Any break below 97 will take the index down till 96.75/95.95.

US 10 year yield- Overall trend negative. It has declined once again and hits fresh 21-year low at 2.05%. It is currently trading around 2.11%.

S&P500: Short term trend - weak .It is trading slightly below 55- W EMA and dip till 2700 is possible.  

Gold jumped more than $50 in past 2 week on declining US 10 year yield and weak global stock market.It is currently trading around $1323.21.

On the higher side, near term major trend line resistance is around $1326 and any violation above will take the yellow metal to next level till $1330/$1338.

The near term support is around $1313 (23.6% fib) and any break below confirms minor weakness a dip till $1300/$$1297 (20- W MA). Any major weakness only below $1266.

It is good to buy on dips around $1316-18 with SL around $1309 for the TP of $1330/$1338.