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Long

Gold faces major resistance at $1300, good to buy at dips

FX:XAUUSD   Gold Spot / U.S. Dollar
286 0 5
Major Support - $1250 (7 W EMA )

Gold             has broken major trend line resistance $1260 ( trend line joining $1303 and $1288) and jumped till $1278.It is currently trading around $1274.

Short term trend is bullish as long as support $1250 holds.

On the higher side any break above $1282 ( 78.6% retracement of $1303.65 and $1199) and any break above will take the bullion till $1292/$1303 (May 2nd high).

Gold             minor support is around $1258 and any break below targets $1250/$1243 (21 day MA).

Overall bullish invalidation only below $1200.

Market awaits FOMC monetary policy meeting on Jun 15th for further direction.

It is good to buy at dips around $1270-72 with SL around $1259 for the TP of $1282/$1292/$1303
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