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FxWirePro: Gold Vs US 10 year bond yields

  • Gold jumped almost $17 from the yesterday low of $1304.50 and hits fresh three-month high.  The main reason for jump is due to weakness of US dollar. US dollar index is trading weak for the past 12 days and closed below neck line support for two consecutive days. It is currently trading around 91.88. The yellow metal jumped till $1321.50 and is currently trading around $1313.
     
  • US 10 year yield rose almost 3% from low of 2.40% on strong US stock market and  also due to slight jump in European bond yields after positive comment from ECB board member. US yield and gold have negative correlation of 65% for the past one year and 82% for the past four months. So any further jump in yields will drag the yellow metal down till $1287 (10 – day MA).
     
  • On the higher side, gold is facing strong resistance at $1321 and any break above will take the yellow metal till $1331/$1339 (161.8% retracement).
     
  • The near term support is at $1302 (5- day MA) and any violation below will drag the metal to next level till $1295 (7- day MA) /$1287 (100- day MA). Minor weakness below $1270 (200- day MA). Any break below $1270 will drag the gold till $1260/$1243/$1236 (Dec 12th 2017 low).

It is good to sell on rallies around $1315-17 with SL around $1322 for the TP of $1302/$1295.  

 

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