• Gold formed almost a double bottom at $1303 in the weekly chart and shown a good jump from that level.  It has jumped till $1325.89 and is currently trading around $1320.50. The slight jump in yellow metal has been supported by decline in US dollar index. US dollar index has declined almost 100 pips from the high of 93.42.  
   
• The yellow metal upside is capped by 38.2% fibo and 100 – day MA ($1326.30 and $1325.89) and any major bullishness can be seen only above this level. Any break above will take the commodity to next level till $1333 (Weekly Tenken-Sen)/$1340.
   
• On the lower side, major support is around $1303 and any break below will drag the pair to next level till $1294/$1280in the short term.
  
  It is good to sell on rallies around  $1322-25 with SL around $1333 for the TP of $1305/$1300.