FxWirePro: Gold faces strong resistance at 200 day MA, good to buy at dips

• Major resistance -$1131 (200 day MA)
   
• Major support - $1100 (20 day MA)
   
• Gold has declined till $1108 after making a high of $1130 (200 day MA). It is currently trading around $1124.
   
• The commodity should close above 200 day MA for further jump till $$1150/$1175.
   
• Gold is facing major support around $1100. Any break below $1100 will drag the pair till $1090/$1080.
   
• Short term weakness only below $1070.
   
• On the higher side any break above $1131 will take the pair till $1150/$1175.

It is good to buy at dips around $1115-$1120 with SL around $1100 for the TP of $1150/$1174.