FxWirePro
Long

Gold holds well above $1300, good to buy at dips

FX:XAUUSD   Gold Spot / U.S. Dollar
397 0 10
Major support - $1292 (200 HMA )

The yellow metal has once again recovered after making low of $1305. It is currently trading around $1318.91.

In hourly chart gold             is trading slightly above Tenkan-Sen ($1315.56) and Kijun-Sen ($1313.62). On the lower side, major support is around $1292 (200 HMA ) any break below targets $1278 (daily Kjun-Sen) /$1259 ( 61.8% retracement of $1200 and $1358).

The major resistance is around $1335 (161.8% retracement of $1358 and $1314) and any break above targets $1358 (24th Jun 2016 high)/$1372 (1.272% retracement of $1358 and $1305.38).

It is good to buy at dips around $1310 with SL around $1290 for the TP of $1335/$1358


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