- Gold is trading in narrow range between $1322.78 and $1333 for the past two trading session. The slight decline in yellow metal is considered as buying opportunity by traders as trade war tension between US and China increases demand for safe haven. US President Donald Trump has imposed new additional tariffs for $100 billion against China. The yellow metal hits high of $1333 and is currently trading around $1325.26.
- US dollar index has shown a slight jump above 55- day EMA and this confirms minor bullishness for jump till 90.93. US economy is expected to add 188K jobs in March compared to 313K jobs in Feb. Any weaker than expected data will drag the US dollar index prices down.
- The yellow metal is facing major resistance at $1347 and any minor bullishness only above that level. Any break above $1347 will take the gold till $1355/$1361 Overall bullish continuation only above $1362. The minor resistance is at $1337.50/$1341.
- On the lower side, near term support is around $1321 (Mar 29th 2018 low) and any break below will drag the yellow metal down till $1313/$1308.
It is good to buy on dips around $1324-25 with SL around $1318 for the TP of $1337/$1346.
