• Pattern formed- Bearish Divergence (RSI and MACD).
   
• Major support - $1204 (10- day MA).
   
• Major resistance - $1220 (100- day EMA).
   
• The yellow metal has shown a minor decline till $1209 and jumped sharply from that level. Gold has taken support near 7- day MA and minor decline can be seen if it closes below that level. It is currently trading around $1216.41.
   
• In the daily chart gold has formed bearish divergence in RSI and MACD, a decline till $1199 is possible.
   
• Gold major resistance is around $1220 (100- day EMA) and any break above targets $1234/$1247 (50% retracement of $1375 and $1122) in the short term.
   
• On the lower side, immediate support is around $1207 (7- day MA) and any indicative break below targets $1199 (10- day MA)/ $1184 (30- day EMA)/$1170 (daily Kijun-Sen)/$1159 (61.8% retracement of $1122 and $1218.94).
  
  It is good to buy on dips around $1205 with SL around $1198 for the TP of $1220/$1234.