FxWirePro: Gold faces strong support at 55 day EMA, good to sell on rallies

• Major resistance- $1250 (10 day WMA)
   
• Major support - $1217 (55 day EMA)
   
• Gold has taken support near 55 day EMA and started to jump for that level. It is currently trading around $1229.
   
• On the higher side resistance is around $1250 and break above targets $1260/$1267 in short term. The minor resistance is around $1243 (support turned into resistance).
   
• The yellow metal support is around $1217 and any indicative break below will drag the commodity down till $1205/$1200.The minor support is around $1225.
   
• Overall bullish invalidation only below $1200.

It is good to sell on rallies around $1235 with SL around $1250 for the TP of $1215/$1205