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Gold breaks slightly above 233- day MA, jump till $1275 likely : FxWirePro | December 19, 2017

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Gold 0.18% recovered almost $10 on account slightly weak dollar. US tax bill has minor impact on US dollar -0.04% as holiday week starts. The yellow metal jumped till $1263.69 and it is currently trading around $1262.90.

The house and senate is expected to pass the tax bill mid-week. U.S equities surged to record high on optimism of US tax bill. Market is quiet with no major indicators this week. U.S NAHB data came at 18- year high in Dec. the index rose from 69 in November to 74 in Dec. The dollar index -0.06% declined slightly from high 94.03. US dollar index -0.04% has shown minor jump from the previous week low of 93.28 till 94.03 and currently trading around 93.65.

On the higher side, near term resistance is around $1261.80 (233- day MA) and any break above will take the yellow metal to next level till $1269 (200- day EMA )/$1275 (55-day EMA ).

The near term major support is at $1236 and any violation below will drag the metal to next level till $1232 (161.8% retracement of $1305 and $1260.45)/$1223 ( 88.6% retracement of $1204.70 and $1357). Overall bullish invalidation only below $1200. The minor support is around $1250/$1243.

It is good to buy above $1262 with SL around $1255 for the TP of $1275/$1280.


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