Major support- $1286 (20- day MA)
Gold has shown a channel break down after a long consolidation. The yellow metal was trading in narrow range after hitting high of $1298.60. It has declined more than $15 and hits intraday low of $1278.
The yellow metal has closed slightly below 20 day MA and this confirms minor weakness a dip till $1264/$1252 (300-day EMA).
On the higher side, gold is facing strong psychological resistance of $1300 and any break above targets $1320.
It is good to sell on rallies around $1280-81 with SL around $1287 for the TP of $1264.
