FxWirePro
Long

Gold faces resistance at $1242, break above targets $1260

FX:XAUUSD   Gold/U.S. Dollar
260 0 9
Major resistance - $1242

Major support - $1225 (7 W EMA)

The commodity has made a high of $1242.80 and slightly retreated from that level. It is currently trading around $1237.

Short term trend is weak as long as support $1225 holds.

On the higher side any break above $1242 will take the yellow metal to next level $1258/$1261/$1270 in short term.

The major support is around $1225 and break below targets $1210/$1200.The minor support is around $1235.

Overall bullish invalidation only below $1200.

It is good to buy above $1242 with SL around $1235 for the TP of $1258/$1270.
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