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- Gold has declined almost more than $60 in the past three weeks on account of surging US dollar against all majors. US dollar index jumped almost more than 240 pips more than 2.5%.The policy divergence between ECB and Fed is suporting prices of US dollar index. The trade war has increased geo political tension between major economies. But yellow metal has lost its shine as safe haven demand. The rising US yield and interest rate hike by fed is dragging gold prices down.
- The pair is facing strong trend support at $1239 (trend line joining $1046 and $1122) and any breka below will take the yellow metal till $1234 (200- W MA) and any weekly close confirms further weakness.
- The near term resistance is around $1260 and any break above will take the yellow metal till $1270/$1275 (23.6% fib).
It is good to buy on dips around $1243-45 with SL around $1235 for the TP of $1260/$1275.
