Gold continues to trade lower for 2nd week after forming a minor top around $1346.67 level. The decline was due to slight jump in US dollar and surging US 10 year yield. The yellow metal hits low of $1290.27 and closed around $1293.89
On the lower side, near term support is around $1289 .65 (38.2% fib) and any break below will take the gold to next level till $1280/$1276/$1265.
The near term resistance is around $1301 and any violation above targets $1313/$1320/$1328. It should break above $1333 for further upside.
It is good to sell on rallies around $1299-$1300 with SL around $1309 for the TP of $1276.
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