• Gold prices fell 1% to a three week low on account of rising U.S stocks and increasing bond yields. The yellow metal declined till $1254 and has taken support near 200 –day MA.  
   
• U.S stocks were lifted by surge in Apple shares and global equities also strengthened. Market waiting for Fed two day policy meeting and Non-Farm payroll jobs data which is to be released on Friday for further direction.
   
• U.S 10 year bond yield jumped slightly after hitting low of 2.28% on May 1st and further movement can be seen only after fed meeting.
   
• Gold is facing strong support around 200- day MA and any beak below will drag the commodity down till  $1245 (50% retracement of $1195 and 1295)/$1241 (100- day EMA).


• On the higher side, near term resistance is around $1265 (21- day EMA) and any break above targets $1280 (61.8% retracement of $1295.50 and $1254)/ $1295 (Apr 17th high)/$1300/$1318 (161.8% retracement of $1295 and $1265).
  
  It is good to sell on rallies around $1260-$1262 with SL around $1272 for the TP of $1245/$1241.