FxWirePro: Gold struggles to close above 200 –day MA, good to sell on rallies

• Major resistance- $1265 (Oct 7th high).
   
• Major intraday Support - $1250
• Gold jumped till $1264.70 and started to decline slightly from that level. It is currently trading around $1260.58.
   
• Gold recovered slightly from the low of $1250 on account weak dollar .US dollar index declined slightly after jumping till 98.17 level. It is currently trading around 97.90.
   
• On the higher side, major resistance is around $1265 (Oct 7th 2016 high) and any break above confirms minor trend reversal. Any violation above targets $1274 (23.6% retracement of $1375.15 and $1241)/$1277/$1295 (21- day MA).
   
• The support is at $1250 and any violation below will drag the gold till $1226 (161.8% retracement of $1241 and 1264.93)/$1210.

It is good to sell on rallies around  $1265-$1267 with SL around $1275 for the TP of $1250/$1241