Gold takes support at 55 day EMA, good to sell on rallies

FX:XAUUSD   Gold Spot / U.S. Dollar
238 0 5
Major support - $1242 (55 day EMA )

Major resistance- $1260

Gold             has take support near 55 day EMA and slightly recovered from that level. It is currently trading around $1253.

Minor bullishness can be seen above $1260 level. Any break above $1260 will take the pair to next level at $1267/$1275.

On the lower side support is around $1242 and break below targets $1230/$1225.

Overall weakness can be seen below $1200 level.

It is good to sell on rallies around $1255-$1258 with SL around $1266 for the TP of $1230/$1225
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