FxWirePro: Gold faces strong support at $1207, good to buy on dips

• Major resistance- $1242.50 (5- day MA)                                                                              
• Major support - $1200
   
• The yellow metal is increasing slightly after declining for the high of $1337 made after Trump has elected as U.S president.
   
• Gold declined till $1211 and recovered from that level. It is currently trading around $1230.
   
• On the higher side, resistance stands at 5- day MA ($1242.50) any break above targets $1260($1267 (10- day MA).
   
• The major support is around $1207 (100- W MA) and any break below will drag the yellow metal down till $1200/$1172 (61.8% retracement of $1046.50 and $1375).

It is good to buy on dips around $1220 with SL around $1207 for the TP of $1242/$1260