FxWirePro: Gold Daily Outlook

US Dollar Index -Trend Neutral.US Dollar index has halted its 2 days of losing streak and jumped nearly 40 pips from low of 97.55. Any break below 97.36 confirms further weakness and a decline till 97 possible.

US 10 year yield- Overall trend negative. It has declined once again and hits lowest level in 19 months. It is currently trading around 2.245%.

S&P500: Short term trend - neutral .It has broken major support 2800 and dip till 2745 (300- day EMA)/2720.  

Gold is consolidating after showing a minor recovery of more than $15 from low of $1269.50. It hits high of $1287.27 and is currently trading around $1286.33.

On the higher side, near term resistance is around $1287 and any violation above will take the yellow metal to next level till $1292/$1300. It should break above $1304 for further direction.

The near term support is around $1276 and any break below confirms major weakness a dip till $1269/$1266. Any major weakness only below $1266.

It is good to buy on dips around $1275-76 with SL around $1269 for the TP of $1292/$1300.