Gold breaks major trend line resistance,jump till $1320 likely

Gold trades higher and jumped nearly $20 on account of US-Sino trade escalation. US and China trade talks end with no deal. China will raise tariff on $60 billion in US goods and will increase tariffs on more than 5000 US products. It hits high of $1303.40 and is currently trading around $1299.44.

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.