• Gold prices continuing its uptrend for fifth consecutive days and jumped almost $25 yesterday on account political uncertainty in U.S. The yellow metal jumps till $1263 at the time of writing and it is currently trading around $1259.
   
• Dollar declined sharply against all major pairs after New York Times reports that Donald Trump tries to interfere with federal investigation.
   
• U.S 10 year bond yield has fallen by 11.4 basis point largest one day decline since Jun 27 2016 amid trump controversy. It has closed around 2.2%.
   
• In the daily chart the yellow metal broken 200- day MA and jumped well above that level.
   
• Technically gold is facing strong support at $1251 (23.6% retracement of $1214 and $1263) and any break below will drag the precious metal till $1246 (200 – day MA)/$1239 (89 – EMA). It should break below $1195 (Mar 10th 2017 low) for further weakness.
   
• On the higher side, near term resistance is around $1265 (61.8% retracement of $1295 and 1214) and any break above targets $1278 (61.8% retracement of $1375 and $1122)/$1295.
  
  It is good to buy on dips around $1248-$1250 with SL around $1239 for the TP of $1265/$1278.