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FxWirePro: Gold Daily Outlook
Gold is trading higher after hitting a low of $1480 and it has formed almost a double bottom the yellow metal was trading lower in this week after slightly hawkish Fed. But hopes of easing from ECB and other major central banks are supporting gold at lower levels. The face to face trade talks between US-China have resumed in Washington and China's negotiators are expected to visit American farmland. It hits an intraday high of $1505.89 and is trading around $1505.
US-10 year yield has lost more than 8% and after jumping more than 30% from low of 1.44% and spread narrowed sharply to 2.8 bps from 7.6 bps.
Major intraday support to be watched -$1480 and any break below targets $1475 /$1469.Minor weakness only below $1469.
Resistance -The yellow metal is facing strong intraday resistance around $1510-12 and any break above targets $1525/$1540.
It is good to sell on rallies around $1505-06 with SL around $1512 for the TP of $1480/$1469.