FxWirePro: Gold recovers slightly on safe haven demand, good to buy on dips

• Gold has been highly volatile yesterday after hitting low of $1306. The yellow metal was fluctuating more than $15 on either side. The commodity jumped till $1322.50 yesterday. It is current trading around $1319.99.
   
• The yellow metal downside was capped due to increase in safe haven demand on global equity market sell –off. US Dow jones declined almost 1000 points and closed at 23860.
   
• On the lower side, any break below $1305 will drag the gold down till $1300/$1292. Bearish continuation only if it closes below $1292 level.
   
• The near term resistance is around $1322 (23.6% fib) and any break above will take the commodity till $1330/$1338 (100- 4H MA).

It is good to buy on dips around $1305-07 with SL around $1300 for the TP of $1325/$1330.