FxWirePro: Gold Daily Outlook

• Gold prices declined almost $10 from the one month high $1270 made yesterday and is currently trading around $1260.
   
• Market awaits U.S Nonfarm payroll data which will be released by Friday for further direction. Euro shown a huge decline till 1.1110 level after headlines of political uncertainty in Greece and Italy. EUR/USD recovered mildly from the low after Greece government spokesman denied the Greece defaulting.
   
• In the hourly chart the yellow metal has taken support near 200- MA around $1258 and any minor weakness can be seen only below that level.
   
• Technically gold is facing strong support at $1258 (200- H MA) and any break below will drag the precious metal till $1249 (38.2% retracement of $1195 and $1270)/$1243 (200 day MA). It should break below $1195 (Mar 10th 2017 low) for further weakness.
   
• On the higher side, any close above $1274 (161.8% retracement of $11263.89 and $1247) will take the commodity to next level till $1278 (61.8% retracement of $1375 and $1122)/$1295.

It is good to buy on dips around $1260 with SL around $1253 for the TP of /$1278.