Gold is consolidating in narrow range between $1302.85 and $1315.70 for past three trading days.The strength in US dollar is putting pressure on yellow metal.Gold was one the best performer in Jan and has jumped more than $50 on account of dovish Fed and global uncertainty.
The major three factors that drive gold prices
US dollar Index: bullish. DXY is trading higher for past 8 trading days and has jumped more than 100 pips in previous week.It has broken major resistance 96.68 (61.8% fib) and this confirms minor bullishness a jump till 97/97.20 is likely. (negative for gold).
USD/JPY: Strong USD/JPY is hovering near 110 and any convincing break above targets 111/112. It is currently trading around 109.97.Slightly negative for gold.
US 10 year yield : US 10 year yield is trading weak for 4th consecutive day and hit low of 2.622%.The yield has been trading weak for past two months and lost nearly 22% from high of 3.25%.It is currently trading around 2.634%.slightly positive for Gold.
US 2 year yield: It is trading around 2.467%. The spread between US 10 year and 2 year has declined to 17bpbs from 30 basis point. The spread between 5 year and 2- year yield has inverted (US 2 year yield trading above US 5 year yield).
Gold technical
On the higher side, yellow metal is facing near term resistance around $1315 and break above will take the gold to next level till $1321/$1330..The yellow metal should break above $1335 for further bullishness.
The near term support is around $1305 and any violation below will drag the commodity down till $1298 (20- day MA)/$1295.Any break below $1276 confirms minor weakness.
It is good to buy on dips around $1303-04 with SL around $1298 for the TP of $1334.


Nikkei Surges Past 65,000 on Suspected Yen Weakness: Tech Giants Like Advantest and NEC Lead Explosive Gains
US Magnificent 7 Stocks Trend Score: Amazon & Microsoft Hit Extreme Bullish (+100) as Meta Drops to -100 — Key Resistance & Support Watchlist
FxWirePro: USD/CNY dips to hit three year low,scope for further downside
FxWirePro- Major Pair levels and bias summary
JPY Currency Meter Signals: NZDJPY Bullish (+25) vs CHFJPY (-100) – These Pairs Could Move Next
Major European Indices Score Extremely Bullish: DAX Eyes 26000, CAC Targets 8600, FTSE100 at 11000 – Key Levels to Watch
FxWirePro: GBP/AUD bears maintain upper hand
FxWirePro: GBP/AUD drifts lower after BOE rate decision
FxWirePro- Woodies pivot (Major)
FxWirePro:USD/JPY climbs back above 160.00 after BOJ rate decision
FxWirePro- Major Crypto levels and bias summary
All Major JPY Pairs Hit Extreme Bearish Score of -100: USDJPY, EURJPY, GBPJPY, AUDJPY, NZDJPY & CADJPY Flash Maximum Weakness
FxWirePro: USD/CAD retreats after Canada posts stronger-than-expected GDP growth
FxWirePro: EUR/ AUD dips below 1.6400 level, focus on near term support
FxWirePro: AUD/USD cedes early gains ,outlook bearish 



