- Gold jumped slightly above $1290 and shown a minor selling. The yellow metal is slightly near to 2107 high on account of fear and uncertainty. The yellow metal jumped almost $20 from the low made on Aug 15th 2017 and is currently trading around $1287.97.
- DXY has formed a minor top around 94.15 and declining from that level. Minor jump can be seen in U.S Dollar index only if it breaks above 94.29 (23.6% fibo) and break above targets 95.
- U.S 10 year yield is trading weak near 6 –week low after Fed minutes meeting on inflation outlook and splits on rate hike by Fed members.
- Technically gold has jumped sharply till $1291.65 after hitting low of $1267.80. The near term major resistance is around $1296 high made on Jun 6th 2017 and any break above will take the yellow metal till $1300/$1310.
- Gold’s near term support is around $1267 (21- day EMA) and break below will drag the commodity down till $1255 (55- day EMA)/$1249 (61.8% retracement of $1204.70 and $1291.61).The yellow metal should break below $1195 for major trend reversal.
It is good to buy on dips around $1278-80 with SL around $1267 for the TP of $1296/$1300
