• Gold is consolidating after hitting low of $1260.58 on Dec 5th 2017. The yellow metal declined sharply in this week mainly due to strong U.S dollar. Market awaits US jobless claim data and ECB President Draghi speech today for further direction.
   
• The US economy has added 190k private jobs in Nov compared to forecast of 186k. U.S private sector jobs eased in November but manufacturing sector adds 40000 jobs highest in 15 years.
   
• US Dollar index has jumped till 93.65 and is consolidating around that level. It should break above 93.65 (55- day EMA) for further bullishness. The major resistance is around 93.65 (55- day EMA) and any break above will take the index till 94.25/94.60/95.19. The pair is facing support around 92.50 and any break below will take the index to next level till 92./91.62.
   
• Technically gold is facing near term resistance around $1270 (200- day EMA) and any break above will take the pair to next level till $1275/$1281 (50- day MA).
   
• Gold’s near term support is around $1260 and break below will drag the commodity down till $1250/$1243 (161.8% fibo). 
  
  It is good to sell on rallies around $1263-$1265 with SL around $1270 for the TP of $1250/$1243.