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 declined slightly from high 94.03. US dollar index 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 )/$1275 (55-day ).
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 ( of $1204.70 and $1357). Overall 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.