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Gold negative momentum continues, any break below $1272 targets $1261

Gold has broken major support $1280 on Tuesday and declined till $1271.66 at the time of writing. The yellow metal is trading weak for past 1-week on rising US bond yield and strong global market due to easing US-China trade tension. US bond yield jumped more than 11% from low of 2.34% made on Mar 28th 2019.It is currently trading around $1272.50.

 

The near term resistance is around $1281.50 (23.6% fib) and any break above will take the yellow metal till $1285 (5- day MA)/$1291.75/$1296.

 

On the lower side, any convincing break below $1271.50 (300- day EMA) confirms bearish continuation a decline till $1272/$1261 likely.

 

It is good to sell on rallies around $1274-75 with SL around $1281.50 for the TP of $1261.

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