• Gold prices sank to the 6 week low as investor’s optimism for a June rate hike rose to highest level. According to Fed Funds futures the probability of fed rate hike in Jun increased to 97% form 67% before Fed policy. The yellow metal breaks major support at $1233 and declined till $1225. 
   
• Markets Awaits U.S Non-Farm Payroll data which is to be released today for further direction. U.S economy is expected to have added 185k compared to 98K previous month.
   
• Technically gold is facing strong support at $1219 (100 – day MA) and any break below will drag the yellow metal down till $1209/$1200. It should break below $1195 (Mar 10th 2017 low) for further weakness.
   
• On the higher side, near term resistance is around $1242 (100 EMA) and any break above targets $1252 (200 day MA)/ $1261 (daily Kijun-Sen).
  
  It is good to sell on rallies around $1260-$1262 with SL around $1272 for the TP of $1245/$1241.