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Gold:Buy on dips (target $1290) : FxWirePro | December 26, 2017

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Gold 0.35% recovers sharply in the previous week from the low of $1252. The yellow metal jumped almost $24 in the previous week. The main reason for jump is due to weakness of US dollar 0.00% . US dollar 0.00% shown a minor weakness after making a high of 94.03 and is currently trading around 93.27. Markets remain quiet as long weekend due to Christmas holiday. Any break below 93 ( trend line support) will drag the index to next level till 92.50/91.92. The yellow metal jumped till $1278.98 and is currently trading around $1277.97.

US durable goods order rose slightly less than expected. It has increased by 1.3% in Nov compared to forecast of 2%. The personal income -4.32% of US rose 0.3% compared to forecast of 0.4% and personal spending increased to 0.6% vs 0.5% expected.

On the higher side, gold 0.35% is trading slightly above trend line resistance at $1275 and any convincing close above will take the yellow metal to next level till $1282/$1291/$1300. It should close above $1300 for further upside.

The near term major support is at $1272 (50- day MA) and any violation below will drag the metal to next level till $1268 (200- day EMA )/$1260. Overall bullish invalidation only below $1200.

It is good to buy on dips around $1272-74 with SL around $1267 for the TP of $1290/$1300.


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