Gold 0.11% has declined almost more than $15 on Friday and strong dollar recovery. The yellow metal hits low of $1344 on Friday. US dollar 0.02% has jumped almost 100 pips from the low of 88.25. It is current trading around $1348.60.
The yellow metal minor selling is possible on short covering in USDJPY 0.21% . USD/JPY 0.21% has shown a more than 100 pips recovery from the low of 105.55. The yen and gold 0.11% are moving in tandem with each other on safe haven demand.
On the lower side, any break below $1341 (38.2% fibo) will drag the gold 0.11% down till 1337 (20- day MA)/$1330/$1320. Bearish continuation only if it breaks below $1305 level.
The near term resistance is around $1357 and any close above will take the commodity till $1360/$1366. Overall bullish continuation only above $1366.
It is good to sell on rallies around $1351-$53 with SL around $1360 for the TP of $1330/$1324.
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