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Peace Dividend Powers NZDJPY Past 93.50 — Bulls Set Sights on 96.15 Target 
Gold has declined slightly after hitting 8-month. The yellow metal jumped more $50 in month of Jan on account of dovish Fed and global uncertainty.
The major three factors that drive gold prices
US dollar Index: bullish. DXY has jumped more than100 pips from the low of 95.16.It is facing strong resistance around 96.17 (100- day MA) and any violation above targets 96.40/96.68.Any break above 96.68 (61.8% fib) confirms minor bullishness and a jump till 97.75 is likely. .(negative for gold).
USD/JPY: Strong USD/JPY is showing a minor weakness once again after showing a slight jump above 110. The pair’s near term resistance is around 110 and any convincing break above targets 111/112.It is currently trading around 109.77.Slightly negative for gold.
US 10 year yield : US 10 year yield is consolidating after a minor decline till 2.616%.The yield has been trading weak for past two months and lost nearly 22% from high of 3.25%.It is currently trading around 2.70%.neutral for Gold.
US 2 year yield: It is trading around 2.538%. The spread between US 10 year and 2 year has declined to 17bpbs from 30 basis point. The spread between 5 year and 2- year yield has inverted (US 2 year yield trading above US 5 year yield).
Gold technical
On the higher side, yellow metal is facing resistance around $1335 and break above will take the gold to next level till $1350/$1360.
The near term support is around $1308 (10- day MA) and any violation below will drag the commodity down till $1300/$1295.Any break below $1276 confirms minor weakness.
It is good to buy on dips around $1308 with SL around $1300 for the TP of $1334.
