• Gold is consolidating between narrow range between $1263 and $1284 for the past ten days. The yellow metal has shown a minor jump in the past two days on account of slight profit booking in US dollar. It is currently trading around $1279.
   
• US dollar has been boosted recently on the prospectus of the U.S government passing tax- cuts which will improve the business and economy.
   
• Crude hits two year high after Saudi Prince kicks out officials in anti-corruption probe. Brent crude hits high of $64.62 and is currently trading around $63.49.
   
• US Dollar index has shown a minor dip after hitting high of 95.15. The index is facing strong resistance at 95.20 (161.8% fibo) and any break above targets 96/96.51 level. It is currently trading around 94.84. The pair is facing major support near 94.60 (10- day MA) and any break below confirms minor weakness till 94 (20- day MA)/93.78 (55- day EMA)/92.60 likely.
   
• CFTC shows that speculator have cut their net long position for a 7th straight week over Oct 17-24.
   
• Technically gold is facing near term resistance around $1285 (55- day EMA) and any break above will take the pair to next level till $1290 (61.8% Fibo)/$1298. Overall bullish continuation can be seen if it closes above $1298 (50- day MA).
   
• Gold’s near term support is around $1262 (61.8% retracement of $1204 and $1357.90) and break below will drag the commodity down till $1250.The yellow metal should close below $1250 for major trend reversal. 
  
  It is good to sell on rallies around $1278-$1280 with SL around $1286 for the TP of $1262/$1250.