FxWirePro: Gold recovers slightly on account of Akshaya Tritiya, good to buy on dips

• Gold was trading slightly weak yesterday on account of easing tensions in Middle East and Korea. This has reduced demand for safe haven assets like gold, yen and Swiss franc. But gold is expected to trade higher today on account of Akshaya Tritiya. It is auspicious day for buying gold in India. So demand is expected to rise slightly which will push the prices higher. The yellow metal recovered from intraday low of $1342.17. It is currently trading around $1343.91.
   
• US dollar index has shown a good recovery almost 40 pips from low of 89.23. it should break above 90 for further minor bullishness. It is currently trading around 89.66.
   
• The yellow metals near term resistance at $1350 and any break above will take the yellow metal till $1355/$1365. The major bullishness only above $1365. Any break above $1365 will take the gold till $1374/$1380.
   
• On the lower side, near term support is around $1336 (20- day MA) and any break below will drag the yellow metal down till $1329 (61.8% fibo)/$1324.

It is good to buy on dips around $1345-47 with SL around $1338 for the TP of $1355/$1364.