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Gold takes support near trend line support, good to buy on dips : FxWirePro | March 16, 2018

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Gold 0.18% declined almost more than $13 yesterday on account of strong US dollar -0.14% and better than expected US economic data. The yellow metal has shown a minor recovery till $1318.25 and is currently trading at $1318.13. DXY -0.14% has shown a minor decline after showing a minor jump till 90.17i. It is trading at 90.01.

US Philly, Empire manufacturing shows solid growth as both gauges are well above zero. The Philly Fed manufacturing index came at 22.3 in March compared to forecast of 23 and Empire state manufacturing index jumped to 22.5 in Mar from 13.1 in Feb.

The yellow metal has taken support near trend line support at $1313 yesterday and shown a minor jump. Any decline below $1309 will confirm minor decline and a dip till $1305/$1300 likely. Any violation below $1299 will drag the gold 0.18% till $1288 (200- day MA).

The near term resistance is around $1320.65 (55- H EMA ) and any break above will take the yellow metal till $1324/$1329. Short term bullish continuation only above $1330.

It is good to buy on dips $1317 with SL around $1313 for the TP of $1329/$1336.

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