Major Support- $1280
Gold has broken major support $1280 after a long consolidation for 10 trading day. The decline was mainly due to strong global stock market on account of easing US-China trade war. US bond yield slightly reversed from 14-month low of 2.34%. It hits low of $1278.16 and is currently trading around $1279.85.
The near term resistance is around $1288 (55- H EMA) and any break above will take the yellow metal till $1294/$1300.
On the lower side, any convincing break below $1280 confirms minor weakness, a decline till $1272/$1261 likely.
It is good to sell on rallies around $1281-82 with SL around $1287 for the TP of $1261.
