• Gold prices declined almost $10 on account of profit booking. The yellow metal hits high of $1295 yesterday on rising geopolitical tension over North Korea and French elections.
   
• Geopolitical tensions over North Korea escalated recently. The presence of the U.SD naval feet in the Korean peninsula and North Korea failed to launch a missile on Sunday from Sinpo, a city on North Korea’s eastern coast has increased the demand of gold.
   
•  U.S dollar index has once again recovered after making a low of 100. Any break above 100.66 (55- day EMA) will take the index till 101/101.35. Minor weakness can be seen only below 100 level.
   
• On the higher side, any break above $1300 will take the yellow metal till $1306 (161.8% retracement of $1263.87 and $1195.12)/$1332.
   
• The major near term support is around $1270 (7- day MA) and any break below will drag the yellow metal down till $1256 (200- day MA)/ $1244 (50% retracement of $1195 and $1295).
  
  It is good to sell on rallies around $1287-$1289 with SL around $1300 for the TP of $1272/$1260.