Gold trades well above 21 day MA, targets $1360/$1374

• Major resistance - $1327 (200 H MA)
   
• The yellow metal has broken a minor resistance $1345 and jumped till $1354 on Friday.  It is currently trading around $1350.
   
• Any short term weakness can be seen only below $1327 (200 HMA).The break below short-term support $1325 will drag the commodity down till $1312/1297 (61.8% retracement of $1250 and $1375).The minor support is around $1339 (21 day MA) and any violation below targets $1332 (daily Tenken-Sen)/$1327.
   
• On the higher side, major intraday resistance is around $1355 (29th Jul 2016 high) and any indicative break above $1355 targets $1360/$1370.

It is good to buy on dips around $1345-47 with SL around $1338 for the TP of $1360/$1374.