Gold faces strong support at $1217,good to buy at dips

FX:XAUUSD   Gold Spot / U.S. Dollar
357 0 10
Major support - $1217 ( trend line joining $1190 and $1201.80)

Major resistance -$1249 ( trend line joining $1263 and $1253)

The commodity has retreated after making a high of $1248 yesterday. It is currently trading around $1225.

Short term trend is slightly bullish as long as support $1210 holds.

On the higher side minor resistance is around $1232 and any break above targets $1240/$1251.

Any break below major support $1217 will drag the commodity to next level $1200/$1180.

Short term bearish invalidation only below $1180.

It is good to buy at dips around 1217-$1220 with SL around $1210 for the TP of $1240/$1251
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