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Gold:Bearish Divergence (Weekly chart)

FX:XAUUSD   Gold Spot / U.S. Dollar
515 0 13
Major resistance -$1315 (200 WMA )

Major support - $1275 (3 WMA )

Pattern formed - Bearish divergence (Weekly chart)

Gold             have broken major psychological resistance 1300 in previous week and jumped till $1315.48. The bullion prices have soared around $80 previous week and closed at $1297.

Technically gold             is facing major support at $1275 and any violation below targets $1264 (7 W EMA )/$1257 (Weekly Tenken-Sen)/$1243 ( 61.8% retracement of $1199 and $1315.58)

On the higher side , break above $1315 will take the gold             to next immediate resistance $1326/$1340.

In weekly chart CCI (50/RSI(14) have formed bearish divergence , a decline till $1245 is possible.

It is good to sell on rallies around $1300-$1305 with SL around $1320 for the TP of 1265/$1245
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