FxWirePro: Gold holds well above $1300 on safe haven demand, good to buy on dips

US Dollar Index -Trend negative .US Dollar index is trading lower and lost more than 70 pips in 2 trading days. Any break below 97.55 will take the index down till 97/96.75.

US 10 year yield- Overall trend negative. It has declined once again and hits lowest level since Sep 2017 at 2.117%. It is currently trading around 2.13%.

S&P500: Short term trend - weak .It is trading slightly below 300- day EMA and dip till 2720 is possible.  

Gold jumped more than $20 in past 2 days on declining US 10 year yield and weak global stock market.It is currently trading around $1310.74.

On the higher side, near term resistance is around $1312 and any violation above will take the yellow metal to next level till $1324/$1330.

The near term support is around $1298 and any break below confirms minor weakness a dip till $1292/$1286. Any major weakness only below $1266.

It is good to buy on dips around $1304-05 with SL around $1297 for the TP of $1324/$1330.