• Gold declined sharply almost $17 yesterday on strong U.S dollar. The yellow metal hits low of $1260.88 and is currently trading around $1266.64. Market awaits major economic data US ADP employment to be released today for further direction.
   
• The US ISM non- manufacturing index declined to 57.4 in the month of November from 60.1 compared to forecast of 59.2. Despite the slowdown it was the 95th consecutive month of expansion.
   
• US Dollar index has once again declined slightly after hitting high of 93.49. It should break above 93.75 for further bullishness. The major resistance is around 93.75 (50- day MA) 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.
   
• Technically gold is facing near term resistance around $1270 (200- day EMA) and any break above will take the pair to next level till $1275/$1281 (50- day MA).
   
• Gold’s near term support is around $1260 and break below will drag the commodity down till $1250/$1243 (161.8% fibo). 
  
  It is good to sell below $1260 with SL around $1267 for the TP of $1250/$1243.