FxWirePro: Gold trades higher after Fed meeting, good to buy on dips

• Gold jumped almost $15 after US fed monetary policy. The yellow metal hits high of $1335 and shown a minor decline from that level. The main reason for jump is due to slight weakness in US dollar.  DXY has declined sharply after hitting high of 90.45 (55- day EMA) and it is trading at 89.62.
   
• US fed has hiked interest rates by 25bpbs and maintains its stance of three rate hike this year .US dollar declined sharply after slightly less hawkish stance by US fed. . Fed has upgraded US economic projection and signals faster pace in 2019.
   
• The yellow metal has taken support near $1307 and shown a huge recovery till $1335. Any decline below $1320 will drag the yellow metal till $1313/$1307. Major support is around $1307 and any violation below will drag the gold down till $1303 (100- day MA)/ $1289 (200- day MA).
   
• The near term resistance is around $1335 and any break above will take the yellow metal till $1341/$1345. Short term bullish continuation only above $1341.

It is good to buy on dips $1325-26 with SL around $1319 for the TP of $1340/$1345.