FxWirePro: Gold trades higher on safe haven demand, good to buy on dips

• Gold has shown a good recovery from the low of $1302.65 made on Mar 1st 2018. The yellow metal jump was supported by slight weakness in US dollar and jump in Volatility index. US dollar has declined sharply almost more than 100 pips till 89.83 from the high of 90.93 and is trading at 89.99.
   
• Donald Trump to impose Steel and Aluminum import tariffs and broader markets responded negatively. Any escalation of trade war will significantly affect the US dollar price. The possibility of hung parliament in Italy also supporting the price of gold.  
      
• On the lower side, any break below $1300 (100- day MA) will drag the gold down till $1287 (200- day MA). Bearish continuation only if it closes below $1287. Any violation below $1287 will drag the gold till $1282 (233- day MA)/$1275.
   
• The yellow metal broken major resistance at $1329 (20- day MA) and any break above will take the yellow metal till ay $1336/$1341. Overall bullish continuation only above $1366.

It is good to buy on dips around $1320 with SL around $1314 for the TP of $1330/$1336.