FxWirePro: Gold trades higher on safe haven demand, good to buy on dips

• Gold is trading flat after a $16 dollar jump on Friday due to political uncertainty in Middle East. US, British and French air strikes launched almost 105 missiles overnight at the heart of Syria’s chemical weapons program. The escalated geo political tensions has increased demand of safe haven assets such as yen, gold etc. It is currently trading around $1347.
   
• Speculators has cut their net long position marginally around 3.06 tonnes compared to previous week.
   
• ETF investors bought 34 tonnes of gold so far in Apr largest monthly buying since Sep 2017.
   
• US dollar index dipped more than 50 pips yesterday and is continuing its weakness in today’s Asian session. It is currently trading around 89.32.
   
• The yellow metals near term resistance at $1350 and any break above will take the yellow metal till $1355/$1365. The major bullishness only above $1365. Any break above $1365 will take the gold till $1374/$1380.
   
• On the lower side, near term support is around $1333 (20- day MA) and any break below will drag the yellow metal down till $1329 (61.8% fibo)/$1324.

It is good to buy on dips around $1345-47 with SL around $1338 for the TP of $1355/$1364