Gold trades slightly lower yesterday after Trump plans to delay European auto tariff for another 6 months. Global stock market jumped sharply after Trump’s comment. US retail sales declined 0.2% after a massive jump of 1.7% in previous month. It hits low of $1292.45 and is currently trading around $1296.14.
The yellow metal broken major psychological resistance $1300 and any daily close above targets $1314/$1317 (61.8% fib).
On the lower side, near term support is around $1289 (55- day EMA) and any break below confirms minor weakness , dip till $1280 (61.8% fib)/$1273.
It is good to buy on dips around $1294-95 with SL around $1289 for the TP of $1317/$1320.
