• Gold prices have been on a roller coaster since Election day. The yellow metal tumbled from the high of $1295 till $1214. It is currently trading around $1220.
   
• Investors shift towards riskier assets after ease of political tensions in France and geopolitical tensions in North Korea. VIX fear index has slumped to 23 year low.
   
• U.S 10 year bond yield rose up by 20 basis point to 2.42% yesterday from the low of 2.20% on account on rising expectations of Fed rate hike.
   
• Technically gold is facing strong support at $1208 (50% retracement of $1122 and $1295) and any break below will drag the yellow metal down till $1200. It should break below $1195 (Mar 10th 2017 low) for further weakness.
   
• On the higher side, near term resistance is around $1242 (100 EMA) and any break above targets $1252 (200 day MA)/ $1261 (daily Kijun-Sen).
  
  It is good to sell on rallies around $1225 with SL around $1236 for the TP of $1219/$1209..