FxWirePro: Gold trades higher on weak US dollar, good to buy on dips
Gold has shown a good jump almost more than $10 on account of weak US dollar. The yellow metal hits high of $1356.76 and is currently trading around $1355.90. US dollar index was trading weak and has broken major support…
Gold has shown a good jump almost more than $10 on account of weak US dollar. The yellow metal hits high of $1356.76 and is currently trading around $1355.90.
US dollar index was trading weak and has broken major support of 89.24. The index declined till 88.99 and is trading around 88.99.
The yellow metal has broken major resistance $1355 (88.6% fib) and any break above will take the yellow metal to next level till $1361/$1366. Overall bullish continuation only above $1366.
On the lower side, near term support is around $1350 and any break below will drag the yellow metal down till $1343/$1338.
It is good to buy on dips around $1352-53 with SL around $1348 for the TP of $1361/$1366.
