• Pattern formed – Potential Bullish AB = CD pattern
   
• Potential reversal Zone (PRZ) - $1233.50
   
• The yellow metal has shown a minor jump of almost $13 from the low of $1237 yesterday.  It is currently trading around $1246.55.
   
• But its upside is limited on account of increased probability of Mar rate hike by Fed. According to Fed rate Monitor tool Fed fund futures priced in 70% chance of rate hike in Mar.
   
• US Dollar index broken major resistance of 101.73 and jumped sharply till 101.97 level. Short term trend is bullish as long as support 100.60 holds.
   
• On the higher side, $1262 (200- day MA) will be acting as major resistance and any further bullishness only if it closes above that level. Any daily close above $1262 will target $1278 (61.8% retracement of $1375.20 and $1122.70).


• The immediate support is around $1240 (trend line joining $1180 and $1216) and any close below targets $1234 (21- day EMA)/$1222 (daily Kijun-Sen).
  
  It is good to sell on rallies around $1248-$1250 with SL around $1258 for the TP of $1234/$1222.