FxWirePro: Gold trades higher on slow US wage growth, good to buy on dips

• Gold has shown a minor recovery after hitting low of $1314.99 yesterday. The yellow metal hits high of $1325.58 at the time of writing. DXY recovered slightly from the low of 89.84 and is trading at 90.05.
   
• Market eyes US CPI data which is to be released today for further direction. The CPI index is good barometer of the cost of living and is expected to gain 0.2% for the month of Feb. CPI plays major role along with PCE inflation gauge.
   
• The yellow metal has taken support near trend line support at $1309 and shown a $13 jump. Any decline below $1309 will confirm minor decline and a dip till $1305/$1300 likely.  Any violation below $1299 will drag the gold till $1288 (200- day MA).
   
• The near term resistance is around $1330 (50- day MA) and any break above will take the yellow metal till ay $1341/$1348/$1355. Overall bullish continuation only above $1366.

It is good to buy on dips $1316-$1317 with SL around $1312 for the TP of $1330/$1336.