Gold Breaks Major Support $1256, Decline Till $1230 Is Possible - Good to Sell on Rallies
- Major support - $1256 (200 day 4H MA)
- Major intraday resistance - $1265
- The yellow metal has declined drastically on stronger dollar and declined 1.5% yesterday.
- Gold has broken major support $1256 and declined till $1254.95.it is currently trading around $1254.35.
- Any break above $1265 will take the commodity till $1275/$1282.
- Overall bearish invalidation only above $1303.
- On the lower side any break below $1256 will take the commodity down till $1242/$1230.
It is good to sell on rallies around $1260-$1263 with SL around $1275 for the TP of $1242/$1230