Gold is trading in narrow range around 1187 to 1230 for the past four trading. It has formed temporary top around $ .Further bullishness can be seen only above $1238.
It is facing minor resistance around 1207 and any break of will target $1223 (Dec 16th high) and $1238 (.
The gold is facing major support at $1178( ). On the downside break below $178 will target 1160/1142.
(50) – Sell
(14) – Sell
Recommendation: Sell gold around $1200, SL $1209, Target $1185/1178.