FxWirePro: Gold trades slightly lower on easing geopolitical tensions, good to buy on dips

• Gold declined almost more than $10 from yesterday high of $1350 on account of easing tensions in Middle East and Korea. The easing geo political tensions has reduced demand for safe haven assets like gold, yen and Swiss franc. But slightly weak dollar is supporting yellow metal. It is currently trading around $1343.80.
   
• US dollar index has shown a nice recovery after hitting low of 89.23 level. It should break above 90 for further minor bullishness. It is currently trading around 89.97.
   
• The yellow metals near term resistance at $1355 and any break above will take the yellow metal till $1355/$1365. The major bullishness only above $1365. Any break above $1365 will take the gold till $1374/$1380.
   
• On the lower side, near term support is around $1339 (20- day MA) and any break below will drag the yellow metal down till $1329 (61.8% fibo)/$1324.

It is good to buy on dips around $1338-39 with SL around $1332 for the TP of $1364.