FxWirePro: Gold faces strong support at $1260, good to buy on dips

• Major support - $1260 (200- 4H MA).
   
• The yellow metal pared its slight gain made yesterday on account of stronger US dollar and expectations of rate in Dec by Fed.
   
• Gold declined slightly till $1271 after making a high of $1284. It is currently trading around $1276.97.
   
• The yellow metal is facing strong support around $1260 and any break below targets $1250/$1240 in the short term.
   
• On the higher side, major resistance around $1285 and any break above targets $1293 (55- day EMA)/$1300.

It is good to buy on dips around $1270 with SL around $1270 for the TP of $1284/$1293