Gold: Buy on dips

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Gold has shown a minor jump till $1284 after a massive selling on Nov 20th 2017 on account of slight weakness in US dollar and Europe political uncertainty. The yellow metal declined almost $20 from the previous week high and is currently trading around $1282.

• Markets awaits US Fed minutes meeting for further direction. According to latest Commitment of traders ( COT ) report shows that money managers increased their net long position for second straight week. ETF investors bought 2.18 tonnes of gold last week.

US Dollar index has declined slightly after hitting high of 94.17. The index is facing strong support at 93.40 (50- day MA) and any break below targets 93/92.59/92. It is currently trading around 93.89. The pair is facing intraday resistance around 94.16 (89- 4H EMA ) and any break above will take the index to next level till 95/95.15.

• Technically gold is facing near term resistance around $1300 and any break above will take the pair to next level till $1300/$1309. Minor resistance is around $1282.50 (55- day EMA ).

• Gold’s near term support is around $1262 ( 61.8% retracement of $1204 and $1357.90) and break below will drag the commodity down till $1250.The yellow metal should close below $1250 for major trend reversal. The minor support is around $1277/$1270.

It is good to buy on dips around $1278--$1280 with SL around $1274 for the TP of $1290/$1300.

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