FxWirePro: Gold recovers slightly on US –Iran geo political tension, good to sell on rallies

• Gold prices shown a minor jump of almost $15 from a minor decline below 200 –day MA. The yellow metal overall trend is still weak on account of rising US 10 year yield and US dollar. USD/JPY is showing good positive trend for the past two days due to easing geo political tensions. USD/JPY and gold has negative correlation each other. US dollar index is trading slightly weak on account of profit booking. The index hits high of 93.42 and is currently trading around 93.Market eyes US CPI data which is to be released today for further direction. It is currently trading around $1313.30.
   
• The yellow metals near term resistance at $1316.60-$1318 (23.6% fib and trend line support turned into resistance) and any break above will take the yellow metal till $1324 (100- day MA)/$1328 (50- day MA). 
   
• On the lower side, near term support is around $1305 (200- day MA) and any daily close below will drag the yellow metal down till $1294/$1285.

It is good to sell on rallies around $1312-13 with SL around $1318 for the TP of $1300/$1285.