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Long

Gold: Buy on dips

FX:XAUUSD   Gold/U.S. Dollar
401 0 13
Major support - $1330(61.8% retracement of $1310.71 and $1367.15).

Major resistance- $1347 (200 HMA).

Gold             declined sharply by 1.9% on Friday after better than expected US Nonfarm payroll data.

U.S economy has added 255k jobs in July vs. expected 180K and headline unemployment rate steady at 4.9%.

The yellow metal has taken support near 61.8% retracement and slightly jumped from that level. The intraday trend is slightly bullish as long as support $1331 holds.

On the higher side, minor resistance is around $1338 (21 day MA) and any break above targets $1344/$1347.Any break above $1347 will take the commodity to next level till $1360/$1365.

Technically any break below $1331 will drag the gold             down till $1325/$1315/$1310.

Short term weakness only below $1300.

It is good to buy on dips around $1336 with SL around $1329 for the TP of $1345/$1348.
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