FxWirePro: Gold Daily Outlook

• Gold has decline almost 1% from the high of $1253 made yesterday and slightly recovered from the low of $1239. The yellow metal downside is limited due to weak U.S dollar and slight sell-off in equities. It is currently trading around $1245.
   
• US dollar hits ten month low against Euro as central banks in Europe are preparing to scale back monetary stimulus. U.S dollar index broken the low of 95.90 low made on Nob 9th 2016 and declined till 95.47.
   
• Gold’s near term support is around $1237 (200-MA) and break below will drag the commodity down till $1229 (38.2% retracement of $1126 and $1296). The yellow metal has taken support near 100- day MA and any further weakness can be seen only below this level.
   
• On the higher side, in the daily chart minor resistance is around $1255 (21 EMA) and any break above will take the commodity till $1266 (100- 4H MA)/$1263 (38.2% retracement of $1296 and $1243) /$1269 (daily Kijun-Sen).

It is good to buy on dips $1245 with SL around $1237 for the TP of $1263/$1266.