FxWirePro
Long

Gold trades well above 21 day MA, targets $1360/$1374

FX:XAUUSD   Gold Spot / U.S. Dollar
323 0 13
Major resistance - $1327 (200 H MA)

The yellow metal has broken a minor resistance $1345 and jumped till $1354 on Friday. It is currently trading around $1350.

Any short term weakness can be seen only below $1327 (200 HMA ).The break below short-term support $1325 will drag the commodity down till $1312/1297 ( 61.8% retracement of $1250 and $1375).The minor support is around $1339 (21 day MA) and any violation below targets $1332 (daily Tenken-Sen)/$1327.

On the higher side, major intraday resistance is around $1355 (29th Jul 2016 high) and any indicative break above $1355 targets $1360/$1370.

It is good to buy on dips around $1345-47 with SL around $1338 for the TP of $1360/$1374.
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