Short term outlook on GOLD

Support 1: $ 1178 (23.6% Fibonacci Retracement)

Support 2: $ 1157

Current Rate - $ 1188 (0330 GMT )

Resistance 1- $ 1197

Resistance 2- $ 1204 (38.2% Fibonacci Retracement)

Commentary:

• Gold is currently trading at $1188 after making low of $1184
  
  
• Gold prices dipped on Wednesday after the National Association of Realtors said existing home sales increased 6.1% last month to 5.19 million, its highest level in 18 months
  
  
• Gold's near term support falls at $1178 and daily close below this level opens the new trading range of $1157-1178
  
  
• Alternatively, reversal from that major support brings the pair towards 1208 level again