• The yellow metal inched higher on Thursday, as US dollar weakened and fresh bullion funds buying boosted yellow metals demand. 
  
  
• The commodity rebounded strongly after finding support at 1220 in the early European session, and currently is approaching to test resistance level located at 1235. 
  
  
• Any downside is expected to be limited around 1210 levels as the support level located at 1206 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
  
  
• Technically in the 4 hour chart the 55, 30 and 20 MA's are clearly pointing towards upside, whistle the RSI is in positive territory at the upside, the strong resistance can be seen 1234, a break above this level would expose the commodity towards 1254 levels.
  
  
• To the downside immediate support can be seen at 1220, a break below at this level will open the door towards 1206 levels.
  
  Recommendation: Go long around 1210, targets around 1245/1270, SL 1198
  
  Support levels: S1-1220, S2-1206, S3-1198
  
  Resistance levels: R1-1235, R2-1254, R3-1270