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Long

Gold: Buy on dips

FX:XAUUSD   Gold / U.S. Dollar
266 0 9
Major support - $1340 (hourly Tenkan-Sen).

Major resistance- $1353 ( 61.8% retracement of $1367 and $1330.46).

Gold             has broken major resistance $1338 (21 day MA) and jumped till $1353 at the time of writing. It is currently trading around $1351.16.

Short term weakness can be seen only below $1337 level.

On the higher side, major resistance is around $1353 and any break above targets $1367/$1375.Any break above $1375 will take the commodity to next level till $1395/$1400.

Technically any break below $1340 will drag the gold             down till $1329/$1325.

Short term weakness only below $1300.

It is good to buy on dips around $1345-48 with SL around $1337 for the TP of $1366.
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