Major support - $1218 (55-day EMA)
Gold trades lower and lost more than $10 yesterday on account of strong US dollar. The yellow metal hits low of $1211.98 and is currently trading around $1213.43.
It has broken major support $1218 and has closed below that level on daily basis. This confirms minor weakness and a dip till $1200 is possible. The near term major support is around $1209 (100- day MA) and any break below targets $1205 (trend line support)/$1200/$1190.
The near term major resistance is around $1223 and any violation above targets $1230/$1240. It should break above $1243 for bullish continuation.
It is good to sell on rallies around $1215-$1216 with SL around $1220 for the TP of $1200.
