• Gold prices once again declined from the high of $1264 on account of slight strength in U.S dollar. The precious metal declined till $1250 yesterday and is currently trading around $1253.25.
   
• US Dollar index shown minor jump after forming a temporary bottom around 96.80. The index is facing strong resistance at 97.45 (89 W EMA) and any close above will take the index till 98.05/98.60.
   
• In the daily chart the yellow metal has formed golden cross over 50-day moving average rose above its 200-day moving average and this confirms bullish signal. Any minor weakness can be seen if it closes below 200 – day MA.
   
• Technically gold is facing strong support at $1245 (50- day MA) and any break below will drag the precious metal till $1240 (89 – EMA)/$1233 (61.8% retracement of $1195 and $1264.93). 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 $1250 with SL around $1243 for the TP of $1265/$1278.