Gold trades slightly well above 21 day MA,jump till $1360 likely

FX:XAUUSD   Gold Spot / U.S. Dollar
192 0 7
Major resistance - $1338 (21 day MA)

The yellow metal has made a high of $1342 yesterday after breaking short term resistance $1325 (200 HMA ). It is currently trading around $1339.

Any short term weakness can be seen only below $1325 (200 HMA ).The break below short-term support $1325 will drag the commodity down till $1312/1297 ( 61.8% retracement of $1250 and $1375).

On the higher side, major intraday resistance is around $1338 and any indicative break above $1338 targets $1350/$1360.

It is good to buy on dips around $1335 with SL around $1324 for the TP of $1350/$1360.

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