Gold is trading in narrow range around 1183 to 1230 for the past four trading. It has formed temporary top around $1238 .Further bullishness can be seen only above $1238.
It is facing minor resistance around 1205 and any break of will target $1223/$1238 Dec 12th high).
The gold is facing major support at $1178 ( ). On the downside break below $1178 will target 1160/1142.
Indicators (4 Hour chart)
(50) – Sell
(14) – Sell
It is good to stay away from the market till trend gets confirmed.
Recommendation: We prefer to remain neutral waiting for new confirmation signals.