FxWirePro: Gold upside capped by 23.6% fibo, good to sell on rallies

• Potential reversal Zone (PRZ) - $1212 (23.6% retracement of $1263.94 and $1195).
   
• The yellow metal has recovered sharply from the low of $1195 made on Friday on account of slight declining U.S dollar.
   
• Gold upside is capped by 23.6% fibo and any further bullishness only above that level.
   
• US Dollar index has taken support near 101 (55- day EMA) and jumped slightly from that level. Short term trend is still bullish as long as support 100.60 holds.
   
• On the higher side, $1212 (23.6% retracement of $1263.94 and $1195) will be acting as next immediate resistance and any break above will target $1217.35 (55- day EMA)/$1221 (100- day EMA).
   
• The immediate support is around $1193 (50% retracement of $1122 and $1263.95) and any break below targets $1180.

It is good to sell on rallies around $1208-$1209 with SL around $1215 for the TP of $1198/$1193