•Gold extended gains on Monday after weaker than expected U.S Nonfarm payroll data.
•Gold demand is expected to increase in India as Government fixes 3% GST rate for gold and 0.5% for rough diamonds.
•In the weekly chart, gold is has broken the resistance at $1282 and any weekly close above confirms major trend reversal , a jump till $1295/$1337 likely.
•Technically gold is facing strong support at $1256 (200 ) and any close below will drag the precious metal till $1246 (21- )/$1237 (89 ). It should break below $1195 (Mar 10th 2017 low) for further weakness.
•On the higher side, any close above $1295 ( Apr 17th 2017) will take the commodity to next level till $1337/$1352.
It is good to buy on dips around $1278-$1280 with SL around $1256 for the TP of $1295/$1337.