FxWirePro: Buy Gold above $1262

• Major Resistance- $1262.30 (200- day MA)
   
• Major support - $1241 (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 $1260.
   
• On the higher side, major resistance at $1262 and any break above targets $1272.50 (23.6% retracement of $1375 and $1241)/$1284 (daily Tenkan-Sen) 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 $1262.30 with SL around $1250 for the TP of $1272/$1284.