FxWirePro: Gold Daily Outlook

US Dollar Index -Trend positive Holds above 98 level. Any break above 98.32 confirms bullish continuation. Markets eye Fed meeting minutes for further direction.

US 10 year yield- Overall trend negative. It has shown a minor recovery from low of 2.35%.

S&P500: Short term trend -Slightly positive .It took near major psychological level 2800 and shown more than 3% recovery on slight easing trade tensions.  

Gold is trading flat after more than $25 sell- off from high of $1303. The decline in yellow metal was due to surge of more than 100 pips in US dollar index. . It hits low of $1269.50 and is currently trading around $1273.91.

On the higher side, near term resistance is around $1282 and any violation above will take the yellow metal to next level till $1288/$1292/$1300. It should close above $1300 for further direction.

The near term support is around $1266 and any break below confirms major weakness a dip till $1250/$1242 possible.

It is good to buy on dips around $1267-68 with SL around $1260 for the TP of $1292.