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2017.03.2801:57:00UTC+00Fxwirerpro: Gold Faces Strong Resistance at 200- Day Ma, Good to Buy on Dips
Major resistance - $1260 (200- day MA).
Gold gained almost 1.5% yesterday as Trump trade fades. The yellow jumped till $1261 and closed at $1253.95.It is currently trading around $1253.85.
DXY rebounds from the low of 98.86 made yesterday. The index should break above 99.65 for intra day bullishness. Minor trend reversal only above 100.
US 01 year bond yields hits almost one month low on growing doubts over Trump policy to bolster the economy. The yield breaks previous week low at 2.38% and declined till 2.35%. Short term support is around 2.31%.
Technically, near term resistance is at $1260 (200- day MA) and any close above will take the yellow metal till $1273 ($113% retracement of $1260 and $1194)/$1280.
On the lower side, $1245 (23.6% retracement of $1261.01 and $1195) will be acting as major support and any break below will drag the gold down till $1231.95 (21- day EMA)/$1224 (100- day EMA). It is good to buy on dips around $1253 with SL around $1243 for the TP of $1272.
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