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Gold – stuck at confluenc e of weekly 5-MA & weekly 200-MA

TVC:GOLD   GOLD (US$/OZ)
Despite Gold’s bullish close on Tuesday above 200-DMA, caution is advised as the pair is having a tough time breaching the confluence of weekly 5-MA and weekly 200-MA noted around $1274 levels.
Also note that Weekly 5-MA is sloping downwards, hence area between the moving average and resistance at $1290 could be dominated by sellers.
On the lower side, breach of support at $1260 would open doors for a revisit to $1241 ( Oct             7 low).
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