FxWirePro: Gold Daily Outlook

• Gold continuing its winning streak for the sixth consecutive days and jumped almost $37 from temporary bottom of $1260.27. The yellow metal is trading high as slightly dovish fed minutes meeting and rising geo political tensions. It is currently trading around $1294.57.
   
• Treasury Secretary Steven Mnuchin has recommended Powell to President Trump who is slightly dovish compared to Janet Yellen. So there will not much aggressive rate hikes.
   
• US Dollar index has shown a minor weakness after breaking minor support at 93 level. It is currently trading around 92.99. The pair is facing major support near 92.60 and any break below confirms minor weakness till 91.95/91.62. The near term resistance is at 93.40 (55- day EMA) and any break above will take the index to next level till 94.30/95.
   
• U.S 10 year yield has shown a minor decline after Fed minutes shows slightly dovish statement by Fed.
   
• Technically gold is facing major resistance around $1298 (50- day MA) and any break above will take the yellow metal till $1302/$1309 (50% retracement of $1357 and $1260)
   
• Gold’s near term support is around $1262 (61.8% retracement of $1204 and $1357.90) and break below will drag the commodity down till $1250 (200- day MA).The yellow metal should close below $1250 for major trend reversal. The near term support is around $1284 (20- day MA)/$1276 (10- day MA).

It is good to buy on dips around $1284-$1286 with SL around $1276 for the TP of $1298/$1309.