FxWirePro
Long

Gold takes support near 200 –day MA, good to buy on dips

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
310 0 7
Major support - $1264 (200- HMA )

The yellow metal pared its gain made yesterday on account of stronger US dollar             and expectations of the rate in Dec by Fed.

Gold             declined sharply till $1264.after making a high of $1276.69. It is currently trading around $1267.89.

The yellow metal has taken support at 200-HMA and slightly recovered from that level.

On the higher side, major resistance is around $1270.28 (Hourly Kijun-Sen) and any break above targets $1280/$1294.80.

It is good to buy on dips around $1267 with SL around $1259 for the TP of $1277/$1280
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