• Major support - $1216 (21- day EMA)
   
• Major resistance - $1245 (200- W MA)
   
• The yellow metal has recovered sharply after declining till $1216.75 yesterday on account of weak dollar. It is currently trading around $1234.75.
   
• U.S dollar index declined sharply after jumping till 101.73 yesterday. The index is facing strong resistance at 101.73 (Jan 19th high). Any minor bullishness can be seen above that level.
   
• Gold major resistance is around $1234.60 (61.8% retracement of $1244.60 and $1219.75) and any break above targets $1245(200- WMA)/ $1278 (61.8% retracement of $1375 and $1122) is likely.
   
• On the lower side, major support are around $1216 (21- day EMA) and any indicative break below targets $1211 (21- day EMA)/ $1204 (55- day EMA). The minor support is around $1229 (10- day MA)/$1225 (daily Kijun-Sen)
  
  It is good to buy on dips around $1220-22 with SL around $1216 for the TP of $1243/$1260.