• Major support - $1207 (100- W MA)
   
• Gold has once again recovered after declining till $1211.It is currently trading around $1225.
   
• The yellow metal faces strong support at 100- W MA and any weakness can be seen only below that level.
   
• The major support is around $1207 (100- W MA) and $1200. The indicative break below $1200 will drag the yellow metal targets $1172 (61.8% retracement of $1046.50 and $1375).
   
• The major resistance is around $1241.50 (50- W MA) and any break above targets $1264 (5- W MA)/$1270 (200- W MA).
  
  It is good to buy on dips around $1215 with SL around $1200 for the TP of $1244/$1260.