FxWirePro: Gold recovers slightly on fresh trade worries, good to buy on dips
Gold has shown a good recovery almost more than $10 from previous week low of $1321 on fresh trade worries. The major reason for slight jump in yellow metal was due to introduction of up to 25% on 128 U.S products. The y…
Gold has shown a good recovery almost more than $10 from previous week low of $1321 on fresh trade worries. The major reason for slight jump in yellow metal was due to introduction of up to 25% on 128 U.S products. The yellow metal hits high of $1331.25 and is currently trading around $1330.74.
US dollar index has shown a minor decline after hitting high of 90.18. The index hits low of 89.88 and is trading around 89.95.
The yellow metal is facing major near term resistance at $1331.50 (50- day MA) and any minor bullishness only above that level. Any break above $1331.5 will $1336/$1341/$1347. Overall bullish continuation only above $1362.
On the lower side, near term support is around $1323 (55- day EMA) and any break below will drag the yellow metal down till $1317/$1313/$1307.
It is good to buy on dips around $1328-29 with SL around $1323 for the TP of $1340/$1347.
