FxWirePro:Gold downside capped by 61.8% retracement , good to buy on dips

• Potential reversal Zone (PRZ) - $1212 (61.8% retracement of 1180 and $1263.94).
   
• The yellow metal hits one month low yesterday on account of increasing Fed rate hike hopes. Gold trades slightly below 100- day EMA and it should break below 61.8% for further weakness. It is currently trading around $1217.50.
   
• Market awaits U.S Nonfarm payroll data which is to be released on Mar 10th 2017 for further direction. U.S economy is expected to add 185K compared to forecast of 227K. If jobs data comes weaker than expected less than 115K, EUR/USD will go up till 1.0680 level.
   
• US Dollar index recovered slightly till 101.91 after declining till 101.22. It is currently trading around 101.79.Minor weakness can be seen only below 100.60.
   
• On the higher side, $1224 (100- day EMA) will be acting as major resistance and any close above  will target $1232 (21- day EMA)/$1239 (Daily Tenken-Sen). 
   
• The immediate support is around $1212 (61.8% retracement $1180 and $1263.94) and any close below targets $1213 (100- day MA)/$1206.

It is good to buy on dips around $1216-$1217 with SL around $1212 for the TP of $1224/$1230.