FxWirePro: Gold Weekly Outlook

• Major support - $1242 (90- W EMA).
   
• The yellow metal plummeted on Tuesday and continued to decline till Friday. It has closed around $1257.39 slightly below 200- day MA ($1259.95).
   
• Gold has declined sharply on account of strong U.S Dollar. U.S Dollar index (DXY) gained sharply from the low of 95.42 made on previous week till 97.19 this week.
   
• The yellow metal has gained slightly in the today’s Asian session till $1264.50 at the time of writing.
   
• The precious metal’s minor resistance is around $1273 and any violation above targets $1280(200- W MA)/ $1289 (3- W EMA)/$1299 (Weekly Tenken-Sen).It should close above $1300 for further bullishness.
   
• On the lower side $1242 (90- W EMA) will be acting as major support any break below targets $1235/$1203 (100 W MA).

It is good to buy on dips around $1255-58 with SL around $1240 for the TP of $1280/$1299