FxWirePro: Gold declines on strong US dollar, markets eye central banks meeting

Gold has lost nearly $20 from high of $1358 made on Friday due to slight strength in US dollar.It hits intraday low of $1338 and is currently trading around $1339.41. the yellow metal was trading higher for 3 consecutive week and jumped more than $80 on trade war and geopolitical tensions.

 US Dollar Index -Trend bullish. US Dollar index is trading higher and jumped more than 100 pips from low of 96.45.The index has broken minor resistance 97.45 (20- day MA) and jump till 97.80/98 is possible.taken support near 200 day MA and jump till 97.40 possible..Any violation above 97.40 targets 98. Any major trend reversal only above 98.40.It is currently trading around 97.53.

 US 10 year yield- Overall trend negative. It has formed a double bottom around 2.05% and shown a minor jump of more than 2.5%.The yield hits 2.05% on Jun 7th lowest since Sep 2017. It is currently trading around 2.103%.

 S&P500: Intraday trend - bullish.It has recovered more than 1% from low of 2866.The near term resistance is around 2911 and any violation above targets 2929/2950.It is currently trading around 2894.

 On the higher side, near term resistance is around $1365-66 and any convincing break above targets $1380/$1398. Major trend reversal only above $1366. 

The near term support is around $1332 (10- day MA) and any break below confirms minor weakness a dip till $1323 (38.2% fib)/$1318. Any major weakness only below $1318.

 It is good to sell on rallies around $1347-48 with SL around $1358 for the TP of $1320.