FxWirePro: Gold faces strong resistance at 50- day MA, break above targets $1341

• Gold is trading flat after hitting high of $1329.91 yesterday. The yellow metal decliend slightly till $1321.35 and is currently trading at $1325.46. DXY is consolidating after hitting low of 89.56 and is trading at 89.69.
   
• US retail sales fell for the third straight month and it has declined 0.1% for the month of Feb compared to forecast of 0.03% gain. US trade wars expected to increase the demand for safe haven assets like gold.
   
• The yellow metal has taken support near trend line support at $1313 on Tuesday and shown a $15 jump. Any decline below $1309 will confirm minor decline and a dip till $1305/$1300 likely.  Any violation below $1299 will drag the gold till $1288 (200- day MA). The minor support is around $1320/$1316.
   
• The near term resistance is around $1330.50 (50- day MA) and any break above will take the yellow metal till ay $1341/$1348/$1355. Overall bullish continuation only above $1366.

It is good to buy on dips $1320-21 with SL around $1315 for the TP of $1336/$1340.