• Major support - $1195 (200- HMA)
   
• Major resistance - $1220 (100- day EMA)
   
• The yellow metal has taken support near 200- HMA and started to jump from that level. Gold has declined till $1196 after hawkish tone by Fed Chairman Janet yellen. It is currently trading around $126.98.
   
• Market awaits U.S President Trump inaugural speech on Jan 20th for further direction.
   
• Gold major resistance is around $1220 (100- day EMA) and any break above targets $1234/$1247 (50% retracement of $1375 and $1122) in the short term.


• On the lower side, immediate support is around $1196 (200 H MA) and any indicative break below targets $1182 (30- day EMA)/$1170 (daily Kijun-Sen)/$1159 (61.8% retracement of $1122 and $1218.94).
  
  It is good to buy on dips around $1202-$1203 with SL around $1195 for the TP of $1220/$1234.