Major support - $1412
Gold is consolidating in a tight range between $1433 and $1410 for the past four trading days Markets eye US Fed monetary policy meeting by Wednesday for further direction. US dollar index is holding above 98 levels and a jump till 98.32 is possible.
US 10 year bond yields are trading flat after hitting high of 2.10% yesterday It is currently trading around 2.068%.Major bullishness only above 2.15%.
On the flip side, $1410-$1412 will be acting as major intraday support and any convincing break below will drag the yellow metal down till $1400/$1390. Any violation below $1380 confirms bearish continuation.
The yellow metal is facing strong resistance around $1440 and any break above targets $1452. Bullish continuation only above $1452. The minor resistance is around $1425/$1434.
It is good to sell on rallies around $1421-22 with SL around $1430 for the TP of $1381.
