• Major support - $1218 (100- day EMA)
   
• Major resistance - $1248 (150- W MA)
   
• The yellow metal declined sharply after hitting fresh three month high yesterday. Gold has fallen almost $20 from the high of $1244.80 on Trumps tax pledge and U.S rate hike expectations. It is currently trading around $1225.
   
• The surge in U.S equities and dollar that took place yesterday was mainly due to new tax reform plan to be announced by Donald Trump next week.
   
• Gold major resistance is around $1248 (150- day MA) and any break above confirms major trend reversal, a jump till $1278 (61.8% retracement of $1375 and $1122) is likely.
   
• On the lower side, immediate support is around $1218 (100- day EMA) and any indicative break below targets $1200/ $1183 (50% retracement of $1122 and $1244.83).
  
  It is good to sell on rallies around $1230-$1232 with SL around $1245 for the TP of $1200/$1183.