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Gold downside capped by 21- day EMA, good to buy on dips

OANDA:XAUUSD   Emas/Dolar U.S
284 0 11
Major support - $1216 (21- day EMA )

Major resistance - $1245 (200- W MA)

The yellow metal has recovered sharply after declining till $1216.75 yesterday on account of weak dollar. It is currently trading around $1234.75.

U.S dollar index             declined sharply after jumping till 101.73 yesterday. The index is facing strong resistance at 101.73 (Jan 19th high). Any minor bullishness can be seen above that level.

Gold             major resistance is around $1234.60 ( 61.8% retracement of $1244.60 and $1219.75) and any break above targets $1245(200- WMA )/ $1278 ( 61.8% retracement of $1375 and $1122) is likely.

On the lower side, major support are around $1216 (21- day EMA ) and any indicative break below targets $1211 (21- day EMA )/ $1204 (55- day EMA ). The minor support is around $1229 (10- day MA)/$1225 (daily Kijun-Sen).

It is good to buy on dips around $1220-22 with SL around $1216 for the TP of $1243/$1260.

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