The profit taking activity is pushing gold towards the south. The metal was rejected at 50-day SMA at $1,285.50, it made a high at $1,284.50. We recommended to book profits at $1,282 levels in yesterday's article. Today in Asia's session, the metal started melting and broke the 21 hrsma, moving towards 35 hrsma. On the down side, the metal has support at $1,264 and $1,262 levels. We can see another round of falling below $1,261.50 for $1,257.50 and $1,252 levels.
Traders can sell on the rise up to $1,272.50 with sl $1,275.
Buy with sl $1,262, cmp $1,264.
Sell below $1,261.50 for $1,257 and $1,252.
