Gold has once again declined after hitting high of $1427. The yellow metal formed a triple top ($1440,$1437 and $1427). US 10 year yield recovered sharply and jumped more than 10% from low of 1.937% and yield is in oversold zone in weekly chart. US CPI came much better than expected with Core CPI m/m at 0.3% compared to forecast of 0.2% highest level since Jan 2018.`The rise in inflation will curb aggressive rate cut by Fed. It hits low of $1400 and is currently trading around $1410.57.
On the flip side, near term support is around $1400 and any break below will drag the yellow metal to the next level till $1390/$1380. Major weakness only below $1380.
The near term minor resistance is around $1428 and any break above will take the yellow metal to $1440. Any major bullish continuation only above $1440. Any break above targets $1465.
It is good to sell on rallies around $1415-17 with SL around $1427 for the TP of $1380.
