• Gold is trading flat after hitting high of $1289 on Dec 1st 2017. The yellow metal is consolidating between $1289 and $1270 for the past two trading session. Market awaits major economic data to be released this week in US for further direction. It is currently trading around $1274.24.
   
• US factory orders declined slightly less than expected at 0.1% compared to forecast of 0.63% decline. But shipments of core capital goods were much stronger than previously expected.
   
• US Dollar index is consolidating between narrow range between 92.60 and 93.36 for the past two days. It should break above 93.60 for further bullishness. The major resistance is around 93.60 (34- day EMA) and any break above will take the index till 94.25/94.60/95.19. The pair is facing support around 92.50 and any break below will take the index to next level till 92./91.62.
   
• US yields rose sharply yesterday from the low of 2.32% yesterday till 2.40% on US tax bill progress. It has closed at 2.38%.   
   
• Technically gold is facing near term resistance around $1282 (50- day MA) and any break above will take the pair to next level till $1291/$1300.
   
• Gold’s near term support is around $1267 and break below will drag the commodity down till $1262 (61.8% fibo).The yellow metal should close below $1262 (61.8% fibo) for major trend reversal. 
  
  It is good to sell on rallies around $1280-82 with SL around $1291 for the TP of $1263.