Gold faces major resistance around $1240, break above targets $1263

• Major resistance - $1240 (Trend line joining $1253 and $1242)
   
• Major support - $1230
   
• Yellow metal has made a high of $1242.94 yesterday and slightly declined from that level. It is currently trading around $1236.93.
   
• Short term trend is still weak as long as support $1230 holds.
   
• On the lower side any break below $1230 will drag the commodity down till $1220/$1213.
   
• Any break above major resistance will take the commodity till $1255/$1263 in short term.

It is good to buy above $1240 with SL around $1230 for the TP of $1255/$1263.