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FxWirePro: Gold Daily Outlook
Major support: $1445 (38.2% fib)
Gold is trading higher for 2nd consecutive days after a minor bottom around $1457. The jump was mainly due to an increase in Safe-haven assets on US-China trade uncertainty. The trade talks between the two countries are not making any progress as Trump administration wants China to purchase large agricultural products while Beijing insists on tariff rollback. The yellow metal jumped till $1476.60 and is currently trading around $1460.
US 10-year bond yield continues to trade weak and lost more than 5% this week. It is currently around 1.753%. The spread between 10 and 2-year yield narrowed sharply to 17 bps from 27.8 bps.
On the flip side, near-term support stands at $1445 and violation below confirms bearish continuation a dip till $1430/$1413 possible. The minor support is around $1460.
The near-term resistance is at $1475 (support turned into resistance) and indicative break above targets $1500/$1525.
It is good to buy above $1475 with SL around $1469 for the TP of $1445/$1430.
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