FxWirePro: Gold Daily Outlook

Major support- $1412-14 (trend line support and 21-day MA)

Gold has shown a minor recovery of more than $15 after a three days continuous selling. The selling was due to profit booking and strength in the US dollar index. The yellow metal was one of the best-performing assets in the past 2 months and has jumped more than $150 from minor bottom $1266 as major central bank's plans for easing interest rates and due to global uncertainty. US dollar index hits 7-week high at 97.78 and a jump till 98.25 likely.

US 10 year yield has formed a temporary top around 2.15% and shown a dip till 2.02%. Short term trend is still weak as long as resistance 2.15-2.16% holds.

On the flip side, near term support is around $1412-14 and any violation below will drag the yellow metal to the next level till $1400/$1380. Major weakness only below $1380.

The near term minor resistance is around $1430 and any break above will take the yellow metal to the next level till $1450/$1465/$1500.

It is good to buy on dips around $1412 with SL around $1400 for the TP of $1450.