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Gold struggles to break above $1300, good to buy on dips : FxWirePro | November 29, 2017

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• Gold 0.14% is consolidating in narrow range after hitting high of $1299. The minor dip in gold 0.14% was mainly due to strength in U.S dollar after US tax reform passes the Senate. US dollar 0.01% recovered after hitting low of 1.19615 on Nov 27th 2017. The pair declined till 1.18270 yesterday and is currently trading around 1.18482. Market awaits US prelim GDP q/q data for further direction.

• US Dollar index 0.01% has shown a good jump above 93 after forming a temporary bottom around 92.50 level. The near term support is around 92.50 and any break below will drag the index to next level till 92.20/91.62. It is currently trading around 93.22. The pair is facing intraday resistance around 93.47 (10- day MA) and any break above will take the index to next level till 93.80/94.25/94.60/95.

• Technically gold 0.14% is facing near term resistance around $1300 and any break above will take the pair to next level till $1309/$1313/$1322.

• Gold’s near term support is around $1283 (50- day MA) and break below will drag the commodity down till $1279/$1274.The yellow metal should close below $1262 (61.8% fibo) for major trend reversal.

It is good to buy on dips around $1288-$90 with SL around $1283 for the TP of $1300/$1309.


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