Buy Gold above $1260

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
264 0 4
Major Intraday Resistance- $1260 ( trend line joining $1277 and $1265).

Major support - $1249.60 (Oct 6th             low).

The yellow metal formed a temporary bottom around $1250 and is struggling to break below that level. It is currently trading around $1256.15.

On the higher side, minor trend line resistance at $1260 will be acting as near-term resistance and any break above targets $1265/$1278 (55- 4 H EMA ) in the short term.

The support is around $1249.60 and any break below will drag the commodity down till $1241/$1225 (161.8% retracement of $1241 and $1264.95).

It is good to buy above $1260 with SL around $1250 for the TP of $1278
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